Fraport Group continues growth in First Quarter of 2024

22.05.2024 - 12:00 / traveldailynews.com / Vicky Karantzavelou

Revenue and EBITDA grow at double-digit rates. Net profit increases to 12.7 million euros; Full-year outlook confirmed.

The Fraport Group started successfully into the 2024 fiscal year. During the first quarter of 2024 (ending March 31), all key financial indicators achieved at least double-digit growth rates. The main driver of this positive trend was continued passenger growth at many of the airports across Fraport’s global network. Group revenue increased by 16.3 percent to 890.2 million euros in the reporting period. Meanwhile, the operating result or EBITDA (earnings before interest, taxes, depreciation and amortization) saw a 34.3 percent boost to 212.6 million euros. In what is typically the quarter with the lowest business volume, the Group result (or net profit) also rose to 12.7 million euros in Q1/2024 (from a 32.6 million euros loss in Q1/2023).

Fraport AG’s CEO Dr. Stefan Schulte said: “Frankfurt Airport was impacted by strikes on several days in the first three months of 2024. Some 600,000 passengers were affected by the strikes in addition to weather-related cancellations. In spite of these adverse effects, the new business year got off to a good start. This was, in particular, attributable to growth at our Group airports outside Germany, with many of them exceeding pre-crisis levels again. For the full year, we expect to continue this positive business trend, in line with our guidance.” 

In the first three months of 2024, Fraport’s Group revenue rose by 16.3 percent to 890.2 million euros. Adjusting for revenues resulting from construction and expansion measures at Fraport’s international subsidiaries (under IFRIC 12), Group revenue increased by 16.7 percent to 763.5 million euros. The largest contributions came from Fraport’s Aviation and International Activities & Services business segments. The Aviation segment’s revenue rose by 45.6 million euros to 265.6 million euros in the reporting period, mainly driven by increased traffic volumes in Frankfurt and positive price effects arising from airport fees. Fraport’s International segment saw a 49.1 million euros revenue increase, lifting the total figure to 345.9 million euros. Reasons included dynamic traffic growth at many of the Group’s airports worldwide and the addition of new concessions in the U.S. At the start of the year, Fraport USA assumed responsibility for the center management at Washington Dulles and Reagan airports serving the U.S. capital.

Reflecting this positive trend, the Group’s operating result (or EBITDA) rose by 34.3 percent to 212.6 million euros during the first three months of 2024 (Q1/2023: 158.3 million euros). The Group result (or net profit) improved to 12.7 million euros. In the same period last year,