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July 27, 2022

Aena swings to profit in first half following losses in eight quarters

Aena’s total consolidated revenues in H1 2022 increased to €1.72bn.

Spanish airport operator Aena reported a net profit of €163.8m in H1 2022 as against a loss of  €346.4m in the same period last year.

The airport manager registered profits after losses for the past eight quarters. In Q1 2020, it posted a profit of €23.1m.

Aena’s total consolidated revenue in H1 2022 stood at €1.72bn, a 99.4% surge from the prior year.

Aeronautical revenue increased 192.5% to €1.07bn due to a growth in traffic, whereas commercial revenue rose 0.3% to €398m.

Operating cash flow was €785.6m in the half year ended 30 June 2022, versus -€220.3m in the first half of 2021.

Aena’s gross operating profit (EBITDA) bucked the negative trend in H1 2022 to stand at €631.3m, compared with -€58.2m a year earlier.

Its operating expenses soared 40% to €1.05bn, largely due to higher energy costs.

To bring down its energy bills, the airport operator plans to invest nearly €350m up to 2026 to deploy photovoltaic power plants at 14 airports with the most sun hours.

Aena said: “This will involve the installation of solar panels on a surface area equivalent to around 720 hectares distributed throughout the different airports and will generate around 950GWh per year, which is equivalent to the consumption of 295,000 households in a year.”

The company also reported an increase in passenger volumes in the first six months of the year to 287.7% in Spain.

Domestic passenger numbers grew 142.6% year-on-year (YOY) while international traffic increased to 469%.

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