Genève Aéroport boosts its results in 2022
The loss of 2021 is wiped out: the number of passengers doubled and the increase in air movements have notably pushed the company’s results towards a profit.
Geneva airport erased its loss in its 2022 financial year. The doubling of the number of passengers and the increase in air movements notably pushed the company’s results towards profit. The management that carries its vision towards 2040 warns, however, that the game is not yet won.
As of December 31, Genève Aéroport posted a net profit of 46.3 million francs after retrocession to the State of Geneva, against a loss of 88.9 million in 2021, reports a press release on Tuesday.
Turnover doubled to 423.1 million. Aeronautical revenues followed the same curve (+130.7%), boosted by the resumption of air traffic and by aeronautical fees increased on July 1, 2021 over a full year, to 4 fr. 45 per passenger. Non-aeronautical revenue, from retail, parking and rent, increased by 72.5%.
“In the stabilization phase, we must continue our investments.”
“We have witnessed a strong recovery that had to be managed effectively. In the stabilization phase, we must continue our investments,” CEO André Schneider said at a press conference on Tuesday.
The operator of the Cointrin tarmac had published the figures relating to its attendance in mid-January. The number of passengers more than doubled (+137.8%) in 2022, i.e. more than 14 million travellers. A result that remains lower than the 17.9 million recorded in 2019.
Total landings and take-offs reached more than 160,000 movements, an increase of 64.4% compared to 2021, but 12.3% less than in 2019. On the business aviation side, the progress is 16%. “The goal is not to increase the number of flights but to fill them more” supports Pierre Bernheim, chairman of the board of directors.
The resumption of air traffic led to operating expenses of 264.7 million. “We were able to carry out the renovation of several shops and restaurants” indicates the general manager. The centenary company carried out 140 projects against 75 the previous year, for an investment of approximately 60.4 million.
During the year, the airport was forced to reduce its workforce from 998 full-time equivalent positions to 972. Expenses increased by 19.9 million, “to preserve staff, a good decision for us “, assures the direction.
A larger boarding pass
By 2030, management hoped before the pandemic to reach 25 million passengers per year, but it now predicts ten-year stagnation and expects growth at 1.1%. “The way of traveling will change in particular with regard to remote business meetings, the absence of snow in March or exposure to the environmental issues of new generations” explains Mr. Bernheim.
The three most frequented destinations are London, Paris and Porto. “The Portuguese market is on the rise, while Barcelona, Frankfurt and Zurich, on the other hand, have lost places,” explains Mr. Schneider. A total of 146 destinations are now accessible from Geneva, compared to 139 previously.
Easyjet tops the airlines operating within the airport with a market share of 49.6%, still far ahead of Swiss at 11.5% and British Airways with 4.7%.
Genève Aéroport regained its entire long-haul network with the return of Air China in February of the current financial year.
ATS
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