INTERIM FINANCIAL ACCOUNTS 2022

September 30, 2022

 

INTERIM FINANCIAL ACCOUNTS 2022 

daa RECORDS FIRST ‘POST COVID’ PROFIT SINCE 2019 

PASSENGER NUMBERS INCREASE BY OVER 1000 PER CENT TO 13 MILLION 

A more than 1,000 per cent increase in passenger numbers using Dublin and Cork airports was a key driver of an increase in turnover from €77.1 million in H1 2021 to €295.6 million in the six months to June 30, 2022.  This improvement saw a €140 million turnaround in profitability, to €23.6 million from a loss of €116.1 million in the comparable prior year period.   

Significant pent-up demand for travel following the easing of global COVID-19 restrictions saw passenger numbers across both Dublin and Cork airports increase by almost 12 million to 13 million, from just 1.1 million in H1 2021.  This recovery in activity provided a welcome boost to leisure and business travel but also presented significant challenges as the sector sought to rebuild capacity following two years of capacity tightening during the COVID pandemic. 

  JANUARY TO JUNE  JANUARY TO JUNE  % 
2022  2021  CHANGE 
PASSENGERS  13.0m  1.1m  1082% 
TURNOVER (m)  €295.6  €77.1  283% 
GROUP EBITDA (m)  €97.7  (€36.4)  368% 
GROUP PROFIT/(LOSS) AFTER TAX (m)  €23.6  (€116.1)  120% 

 

Commenting, Interim CEO, Catherine Gubbins said: 

“Through the phenomenal efforts of our staff, daa, in partnership with our airline and aviation partners, has successfully introduced measures to address operational issues which arose as a result of the strong return in activity. This was without having to resort to significant cuts in flights and capacity at Dublin and Cork airports this summer.”  

“We are pleased that security screening through the peak holiday months of June, July and August saw ongoing improvement and our key focus now is on restoring the overall passenger experience and progressing the capital investment required to meet Ireland’s connectivity and sustainability needs out to 2030.” 

Performance and outlook: 

Passenger numbers in the second quarter of the year (April to June 2022) were just 13% lower than the same period in 2019, versus 36% lower in the first quarter (January to March 2022) compared with 2019.  The current outlook for quarter three, which represents our peak traffic period, is strong with expected passenger numbers nearing 2019 pre-COVID levels.  

Domestic airport related turnover increased by 374% in the period to €214.2 million compared to €45.2 million in H1 2021. While the rate of recovery varied across our international locations, overall international turnover increased by 155% to €81.4 million from €31.9 million in the comparative period in 2021. The Group invested €68.4 million in infrastructure projects during the period January to June 2022 and post June 30, 2022, final works were completed on the construction of the North Runway with the first flight taking off on August 24, 2022.