Malta airport profit soars to record-high €46.3 million in 2024

Malta International Airport (MIA) reported a record-high net profit of €46.3 million in 2024, marking a 15 per cent (€6 million) increase from 2023.

The figure was presented to shareholders during the airport’s 33rd Annual General Meeting, where Chief Executive Officer Alan Borg also announced that MIA had recorded a total revenue of €142.9 million in 2024.

Meanwhile, in 2024, capital expenditure also rose significantly - from €44.3 million in 2023 to €68.4 million last year.

MIA on Wednesday also announced a share buy-back programme, effective from June 1, which will allow shareholders to sell their shares back to the company.

Borg described the year as a successful one, not only due to the record profit but also because the airport welcomed 8.96 million passengers - a 14.8 per cent increase compared to 2023. 

2024 saw a 21 per cent increase in winter traffic compared to the previous year. Borg highlighted that passenger numbers in both March and November exceeded 600,000.

Meanwhile, summer traffic also rose by 12 per cent.

Looking ahead, MIA expects to welcome 9.3 million passengers in 2025.

Italy and Ryanair dominate the market

The top five destinations for local travellers were Italy, the United Kingdom, Germany, France, and Poland. Italy remained the most popular destination, with over 2 million passengers in 2024.

The UK market grew by 24 per cent, while passenger numbers to Poland increased by more than 30 per cent.

Ryanair continued to dominate the airline market, carrying nearly 4.5 million passengers, making up 50 per cent of the market.

KM Malta Airlines followed with 1.9 million passengers, a five per cent decrease from 2023.

EasyJet expanded its operations by 33 per cent, transporting 460,000 passengers in 2024.

Borg reiterated the airport’s €345 million investment plan for the period between 2025 and 2029, which includes plans to expand the departure terminal by 5,500 square metres.

Of this, €201 million will go toward airport operations, €120 million will be allocated to retail and property development, and €24 million will be invested in sustainability initiatives.

MIA has already tripled its clean energy capacity between 2019 and 2024, and aims to achieve carbon neutrality by the end of this year. The airport also plans to triple its clean energy output again by 2029.

As part of these efforts, a €4 million investment will be made in a new photovoltaic farm, expected to generate 5.2 kWh and be completed by the third quarter of this year.

The €345 million plan also includes the completion of a VIP terminal, which will cost €4.5 million, and the expansion of SkyParks, part of which will be used as an airport hotel. Construction has begun on a tower to be used as a hotel, which is expected to be completed by 2026.

Borg said the airport is in the final stages of signing a contract with a hotel operator.