Finnish airport operator Finavia has registered a 105.3% surge in total revenues in the year ended 31 December 2022 as passenger volume increased.

The operator generated total revenues of €298.4m last year, versus €145.4m in 2021.

Revenues from air traffic rose by 110.3% to €149.3m, constituting 50% of its total revenues, while revenues from operations including parking services, commercial revenues, rental income and others made up the other 50%.

Passenger footfall was 15.4 million in 2022, a 186.7% increase from 5.4 million in the previous year.

The company’s operating margin turned positive to €65.4m from -27.2m in the previous year, marking a 340.8% growth.

However, operating results remained negative at -€52.3m in 2022, hit by low passenger traffic at the regional airports, as well as Helsinki Airport’s low level of transfer travel. 

Finavia CEO Kimmo Mäki said: “Air traffic volumes to European and North American destinations improved after the pandemic. However, the volumes of Helsinki Airport’s transfer travel between Europe and Asia remained low due to the Covid-19 restrictions in effect in China and the closure of Russian airspace to EU countries.

“We continued the Helsinki Airport development programme. The airport transitioned to a single-terminal operating model and we also introduced state-of-the-art security control technology. The development programme will be completed in 2023. We also invested in renovating the runway at Savonlinna Airport.”

Looking ahead to 2023, Finavia expects its revenues for fiscal 2023 to exceed 2022’s figure. It also projects operating profit before extraordinary items to be still unprofitable, but above the 2022 level.

Mäki added: “In autumn 2022, we published our strategic goals adapted to the new situation. They guide our operations effective from the beginning of 2023. Our strategic goals are as follows: dedicated and motivated personnel, business growth and financially sustainable operations.”

Last month, Finavia unveiled plans to spend more than €15m to refurbish runways at Helsinki, Kuopio and Kuusamo airports.