Riga Airport Worked with a Profit of EUR 1.6 million

Airport’s unaudited condensed interim statement for 2023 shows that RIX Riga Airport closed the year 2023 with a profit of EUR 1.6 million, which is 1.3 million or 4.6 times more than the year before. The net turnover of the company increased by a quarter in 2023, reaching EUR 72.5 million.

Last year, the net turnover of Riga Airport was made up of revenue from the aviation services in the amount of EUR 36.7 million (an increase of 18 %), while non-aviation revenue amounted to EUR 21.2 million, or 38 % more than a year earlier.

With the increase in labour, energy resources and infrastructure maintenance costs, the company's economic activity costs have also increased by a fifth, which totaled EUR 76 million in 2023.

In 2023, total investments in the development of Riga Airport reached EUR 22 million. Last year, the new explosives detection system implemented with the support of the EU Cohesion Fund was put into operation for checking both hand luggage and hold luggage. Also, three new high-power airside maintenance machines were purchased, which allows Riga Airport to ensure consistently high standards of aerodrome and apron maintenance. At the end of the year, two rebuilt power supply substations were put into operation, which are included in the electrical infrastructure renewal plan of the Airport. Part of the investment has also been directed at the creation of more environmentally friendly infrastructure – the development of electric car charging points and the purchase of electric buses – the first of which will start carrying passengers at the aerodrome already in the spring; a total of nine electric buses have been purchased, which will replace the diesel-powered buses.

To achieve the climate goals set by the company, Riga Airport has been participating in the Airport Carbon Accreditation programme since 2015. Last year, the Airport was recertified for level 2 of the programme and, continuing to actively reduce CO 2 emissions, plans to reach level 3 of the programme this year. The modernization of the airfield's power supply systems (reconstruction of the existing power grid, development of the solar panel park, creation of electric charging points) is among the main emission reduction activities. The first solar panel park on the roof of the Airport terminal in 2023 has already been installed and will be put into operation this year.

The company has also continued work on several activities defined in the Sustainability Strategy, participating in international and national innovation projects and working groups on the possibilities of sustainable aviation fuel production and the development of hydrogen technologies in aviation. In 2023, Riga Airport obtained the highest or Diamond Category in the sustainability index, the status that is awarded to companies that have demonstrated consistently high performance in the work environment, corporate governance, society and other aspects of sustainability for a long time.

In the development project of the new passenger terminal of Riga Airport, the best financing model was chosen last year. Offers were received from international financial institutions and commercial banks, thus the procurement process has been started, so that the construction of stage 6 of the expansion of Riga Airport could start in the fourth quarter of this year. Several other important projects continued and were started, which will help restore and improve the Airport's infrastructure – reconstruction of engineering networks, construction of a transformer point and purchase of passenger air bridges. In turn, within the framework of the RIX Airport City project, the qualified applicants of the competitive dialogue have been selected, with whom negotiations have been started in the next stage of the tender.

In 2023, 19 thousand tonnes of air cargo were served. The demand for air cargo transportation has fallen by 9 % as compared to 2022 due to the geopolitical situation.

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