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May 20, 2022

Copenhagen Airports revenue soars in Q1 2022 with uptick in traffic

The airport’s EBITDA was kr109m in the first quarter.

Denmark-based Copenhagen Airports reported total revenue of kr577m ($81.6m) in the first quarter of 2022, a 205.1% surge compared with the same quarter of last year.

The growth in revenue was attributed to higher passenger volume, which reached 3.3 million in the first quarter of the year.

In the first quarter of 2021, which was hit by pandemic-related curbs, passenger traffic was 0.4 million.

However, compared to the first quarter of 2019, or the pre-Covid-19 period, revenue was still down by 40.6%.

Cash flows before financing activities also remained strained, with an outflow of kr115m ($16.3m) in the first quarter of 2022. A year ago, the figure was kr485m ($68.8m).

The airport’s earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at a profit of kr109m ($15.4m) in the current quarter, versus a loss of kr262m ($37.2m) in the first quarter of 2021.

EBIT was a loss of kr134m ($18.6m) in the three-month period ending 31 March, compared to a loss of kr404m ($57.1m) in the year-ago quarter.

Loss before tax in the current quarter was kr171m ($24.2m) compared with a loss of kr436m ($61.7m) in the first quarter of last year.

During the first quarter, the company announced capital investments of kr250m ($35.3m) for the construction of a multi-storey car park, expansion of Terminal 3, miscellaneous improvement and maintenance works, and acquisition of several IT systems.

Copenhagen Airports stated: “The war in Ukraine, combined with raising inflation, increased fuel and energy prices have brought added uncertainty to the future travel patterns.”

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