The Three-quarter Profit of Riga Airport Reaches EUR 5.3 million

Airport’s unaudited condensed interim statement for the first nine months of the year shows that net turnover of Riga Airport in the three quarters of 2023 was EUR 54.5 million, which is a third more than a year before, and the company earned EUR 5.3 million during this period.

The increase in net turnover was promoted by the increase in the number of passengers served, especially the increase in the number of direct passengers by 23 %. Revenues from aviation services during this period reached EUR 32.7 million (+21 % as compared to 2022). In turn, revenue from non-aviation services exceeded last year's result by less than 50 % and amounted to EUR 22 million.

In the first three quarters of the year, the Airport handled 5.05 million passengers (+28 % as compared to 2022), 46.3 thousand flights (+14 %).​ Compared to January-September 2022, the demand for air cargo transportation has dropped by 11 % due to the war started by Russia in Ukraine, the closure of airspace caused by it and other global sanctions.

The costs of economic activity in the nine months of 2023 amounted to EUR 53.16 million, which is 25 % more than in the corresponding period of 2022. The increase in costs was mainly influenced by the increase in the prices of energy resources, rising costs of materials and inventory, as well as labour costs.

The total amount of investment in the nine months of 2023 reached EUR 9.6 million. The most important investment projects at the Airport this year are the expansion of the new passenger terminal – construction design development and expertise, as well as projects co-financed by the European Cohesion Fund. Work continued on the reconstruction of the Airport's technical services building, the improvement of the baggage handling infrastructure and the reconstruction of engineering networks; the helipad was put into operation this summer.

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