Under Covid-19 pandemic Riga International Airport concluded 2021 with losses worth EUR 9.4 million, which is EUR 10 million less than planned in last year’s budget, according to the airport’s audited financial account for 2021.
The airport reports it was possible to reduce planned losses largely thanks to higher turnover in aviation and other revenue positions, as well as efforts to reduce costs.
The airport’s net turnover was EUR 31.77 million, which is 12% more than planned, but only half of turnover of 2019 – nearly EUR 65 million. More than half of this revenue or EUR 18.9 million came from revenue from aviation services, which, when compared to the planned budget, is an increase of 8%. In spite of reduced number of flights and passengers, this increase was secured by a relatively small drop in the direct passengers segment, which provided the airport with higher income when compared to servicing transit passengers, as well as higher than planned revenue from freight flights, opening of Ryanair base, etc. Revenue from non-aviation services reached EUR 12.9 million or 20% more than planned in the budget.
Last year the airport performed investments worth EUR 6.7 million towards energy supply, passenger and airship servicing, airfield and airport territory infrastructure development, which will prove especially important as the aviation industry recovers from the impact of the pandemic.
«Although the airport was unable to reach its goals passenger and flight number-wise during the global pandemic, our operation have turned out better than we initially planned.
The airport’s turnover has been 12% higher and losses have been 52% lower than we had previously expected. 2021 showed we can adapt to an unstable situation, review and reorganize everyday work processes, human and financial resources both in the first half of the year, when the airport’s operations were aimed at surviving, and in the second half-year, when the number of passengers started increasing again after reduction of travel restrictions and adoption of an EU digital travel certificate. It demanded from us to demonstrate the ability to perform long-term analysis of development directions in the aviation industry and implement appropriate airport services and infrastructure development projects,» stressed Riga International Airport’s board chairperson Laila Odiņa.
Last year the airport also managed to preserve leading positions among Baltic airports, servicing 38% of the total number of passengers (21% in Tallinn and 31% in Vilnius), as well as 39% of flights (27% in Tallinn and 25% in Vilnius) and 47.5% of freight volume (26% in Vilnius and 18% in Tallinn).
In 2021 the airport continued partially financing its operations using support from the state – base capital increase by EUR 35.2 million and the exemption from payment of dividends for the financial year 2019 worth EUR 4.5 million. These finances were received in June 2021.
In 2021 Riga International Airport serviced 2.35 million (+17% more when compared to 2020 and -70% when compared to 2019).
The airport also serviced 39 000 flights (+10% when compared to 2020 and -55% when compared to 2019), 27.8 thousand tonnes of freight (+20% when compared to 2020 and +2% when compared to 2019).