The financial performance of Lithuanian Airports in 2023 showed positive trends, mainly driven by an increase in total flight and passenger traffic. The company, which operates three of the country's airports, ended 2023 with a net profit of 5.5 million euros (compared to an adjusted net profit of 6.6 million euros in 2022).
It is noted that last year, due to the rapid growth of the aviation sector, the organisation's costs increased by one-fifth, totaling 35 million euros. This increase was mainly due to the significant growth in the number of employees, with 70 additional specialists recruited, the majority of whom were aviation safety inspectors. Last year, Lithuanian Airports largely returned to its pre-pandemic levels, with passenger flows recovering, necessitating an expansion in the number of specialists working directly with passengers.
Lithuanian Airports will pay more than 5 million euros in dividends to the state budget for 2023, compared to almost 3 million euros in 2022.
The company's total revenue in 2023 grew by 34%, reaching a record 60 million euros (45 million euros in 2022 and 48 million euros the year before).
Last year's earnings before interest, taxes, depreciation, and amortization (EBITDA) of Lithuanian Airports grew by 60%, amounting to 25 million euros.
"Although 2023 was a difficult year for Europe and Lithuania in terms of both geopolitical and economic challenges, Lithuanian Airports successfully adapted to the changed context in the region, grew many of their performance indicators, and successfully applied route incentive measures. In the coming years, we will focus on the development of the existing passenger infrastructure for the future at both Vilnius and Kaunas airports. With record investments, we will create the conditions to efficiently serve twice as many passengers across the entire network," comments Gediminas Almantas, Chairman of the Board of Lithuanian Airports.
Last updated: 2024 05 23