Sun, 03 Dec 2023

DUBLIN, Ireland: Ireland West Airport Knock has bounced back to profitability, posting a pre-tax profit of Euro 2.075 million after achieving record revenues of Euro 17.93 million in a robust Covid-19 recovery.

Passenger numbers soared by 314 percent to 721,894 in 2022, propelling revenues from Euro 3.89 million to the historic Euro 17.93 million figure.

In comparison, 2021 witnessed pre-tax losses of Euro 179,876, making the current turnaround even more remarkable. The airport's directors anticipate further passenger recovery in 2023, with numbers nearing 850,000 for the year.

The airport directors expressed satisfaction with "a strong performance" and highlighted robust commercial income streams that contributed to the impressive Euro 17.9 million turnover.

They state, "However cost containment measures have proven to be very challenging with significant increases in fuel, electricity, energy, insurance and other utility costs, combined with continued upward inflationary pressures and wage cost increases."

The 2022 passenger figures represent 89 percent of pre-Covid levels, while the Euro 17.93 million revenues surpass 2019's record high by 20 percent. The airport's success in 2022 can be attributed to Ryanair fully restoring its pre-Covid capacity and expanding services to the UK and Europe, along with a 16 percent increase in available seat capacity to popular destinations compared to 2019.

Additionally, Aer Lingus resumed its daily London Gatwick service and introduced a new daily route to London Heathrow in March.

The latter is a significant milestone, as it marks the first time in the airport's 37-year history that it has access to one of Europe's major international airport hubs.

However, the directors acknowledge the inherent risks associated with reliance on a limited number of airlines in the current economic climate. The pre-tax profit figure includes non-cash depreciation and impairment costs of Euro 3.14 million and other operating income of Euro 4.18 million, comprising government grants, capital grants, and wage subsidy scheme payments.

The airport's workforce increased from 58 to 124 employees, with staff costs doubling from Euro 2.87 million to Euro 5.75 million. Directors' pay amounted to Euro 216,321, encompassing remuneration and pension contributions.

Breaking down the revenue streams, aeronautical revenues reached Euro 9 million, commercial revenues amounted to Euro 8.86 million, and 'other sales' totaled Euro 59,194. As of the end of the year, the airport's shareholder funds stood at Euro 10 million, including accumulated profits of Euro 6.17 million. Cash reserves also rose, reaching Euro 9.69 million.

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