Dublin and Cork airports report solid financial performance driven by cost management and efficiency in H1 2024

daa, the operator of Dublin and Cork airports, has announced interim financial results for the first six months of 2024, which show a total of 17.9 million passengers passed through the two state airports, marking a 5% increase compared to the same period in 2023. Dublin Airport saw a 5% rise in passenger traffic, while Cork Airport experienced an impressive 11% growth, becoming the fasting growing airport in the country.

Other Key Highlights included:

• Revenue Increase: Group turnover reached €504.3 million, a 10% increase from €458.8 million in the first half of 2023. This growth was driven by a 15% increase in domestic revenue, which totalled €389.3 million.
• EBITDA and Profit Growth: Group EBITDA increased by 33% to €162.2 million. The Group’s profit after tax before exceptionals rose significantly by 44% to €82.1 million, compared to €48.8 million in the same period last year.
• Aeronautical and Non-Aeronautical Revenue: Aeronautical revenue increased by 21% to €157.1 million, while domestic non-aeronautical revenue grew by 12% to €232.3 million, driven by strong food and beverage sales, retail sales, and other passenger-related services.
• Retail Rebranding: The Group successfully rebranded its duty-free stores at Dublin and Cork airports to Dublin Airport Duty Free and Cork Airport Duty Free, reflecting the heritage of their home cities and enhancing the customer experience.
• International Business Growth: Profits before tax from the Group’s international retail, consultancy, and management business, operated through Aer Rianta International cpt (ARI) and daa International Limited (daaI), increased from €10.5 million to €14.2 million.
• Operational Excellence: Despite challenges such as the 32 million passenger terminal capacity constraint at Dublin Airport and potential caps on nighttime flights, daa continues to focus on investing in infrastructure and services to meet growing demand.

Financial & Operational Performance

Commenting on the results, Kenny Jacobs, CEO of daa, said:

“I am pleased with the strong financial and operational performance in the first half of 2024 driven by cost management and efficiency. This is a credit to the efforts of our employees across the business at home and overseas. The continued growth in passenger numbers and revenue reflects the robust demand from both passengers and airlines alike to grow their business at our airports. However, there are strong headwinds ahead as a result of ongoing planning issues and the 32 million passenger cap at Dublin Airport which will be reflected in our performance for the second half of this year and into 2025. While we continue to encourage and incentivise our airline partners to grow at Cork,  our ability to grow to match demand for international travel by a growing Irish population is currently curtailed at Dublin given the 2007 passenger cap. Less seats this winter and next summer, is going to result in higher air fares and less choice for the travelling public unfortunately until the cap gets resolved by planning permission being granted. We hope planning can move faster, we submitted our 40 million passenger application almost one year ago and we expect it could take a further two years before this is approved. We are also working on a comprehensive ‘no build’ operational application to remove the cap in the coming months that we hope can move through the planning process faster.”

“We remain focussed on delivering our environmental sustainability strategy and on our commitment to reducing carbon emissions in line with the Climate Action Plan while supporting the aviation industry’s broader goal of achieving Net Zero by 2050.”