Profits at DAA Group increased 6% to a record €133 million last year as the company, which has runs Dublin and Cork airports and has operations in 13 countries, benefitted from higher passenger numbers and increased commercial income.
Total passenger numbers for Dublin and Cork airports increased 6% to a record 33.9 million last year. Dublin Airport had its eighth consecutive year of passenger growth, while Cork Airport saw its third successive year of increased traffic.
Domestic turnover grew faster than the overseas business, which comprises ARI’s global travel retail operation, investments in airports in Cyprus and Germany, and DAA’s overseas airport management and advisory subsidiary.
"A Good Year"
In a statement on Dublin Airport's website, DAA chief executive Dalton Phillips said, “DAA had a good year in 2018, with our key financial and passenger metrics improving. Dublin Airport welcomed a record number of passengers, Cork’s traffic further improved, and we made significant progress on our plans to deliver north runway and the other vital infrastructure that is required at Dublin Airport. The group also continued to expand connectivity at the state’s two largest airports, which is essential to allow the Irish economy to grow in a post-Brexit world."
Turnover, EDITDA, Operating Costs, Net Debt And Dividend
DAA's turnover increased 5% to €897 million, while its earnings before interest, taxation, depreciation and amortisation (EBITDA) increased 7% to €289 million for the year.
Operating costs increased by 4% to €426 million and net debt was further reduced during the year, declining by 18% (€100 million) to €441 million. DAA is to pay a dividend of €40 million to the state for 2018, which brings its total dividend payments to €125 million over the past four years.
Dublin And Cork Statistics
Passenger numbers at Dublin Airport increased by 6% to a record 31.5 million last year, as the airport facilitated an additional 1.9 million passengers.
Connecting passenger numbers increased by 18% at Dublin to 2.1 million, as the airport continued to expand its role as a major gateway between Europe and North America. Approximately 29.4 million passengers started or ended their journey at Dublin last year.
Passenger numbers at Cork Airport increased by almost 4% to 2.4 million last year. Cork, which is the state’s second largest airport, has increased its passenger traffic by 16% over the past three years.
Both airports have have made a positive start to 2019. Passenger numbers at Dublin Airport have increased by 7% so far this year, while Cork’s passenger numbers are up by 11%.
© 2019 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.