Budapest Airport Closes 2022 in the Black
Photo by Budapest Airport
Budapest Airport achieved a profit last year after two years of record-breaking losses, managing to cut some of the accumulated loss it suffered during the coronavirus pandemic. The airport operator ended 2022 with a net profit of EUR 76.6 million on net sales revenues of EUR 277.7 mln, reducing the EUR 198 mln loss accumulated during the COVID period to EUR 121 mln.
Whilst facing serious challenges, last year the company recovered 75% of its pre-COVID passenger traffic and set a record in air cargo with 194,000 tons. Last year's net revenue of 277.7 million EUR was more than the combined total for 2020 and 2021.
According to a press release by the airport, no dividends were paid after the 2022 results.
In 2022, the company invested EUR 47 mln in infrastructure, bringing the total value of its developments to over EUR 270 mln over four years, to the end of 2022. Thanks to these developments, the airport received several international awards in the spring of 2023: it was voted the best airport in Europe, based on passenger feedback, it won the Skytrax best airport in the region award for the 10th year in a row, and also, at the beginning of this year, the service quality provided by the airport received a four-star rating from Skytrax international auditors.
“The fact that we have been able to achieve such good results in 2022 is due to the commitment of our employees and shareholders. Our goal is to improve even further and fully overcome the impact of the global pandemic on our business, while continuing the successful development of the airport, which is of paramount importance to the whole economy, as a gateway to Hungary,” said Kam Jandu, CEO of Budapest Airport.
“However if we compare Budapest Airport’s performance and the pace of its recovery from COVID with other similar European airports, the indicators reflect a slower recovery, which is due to the economic environment in the country - high inflation, the at times skyrocketing exchange rates and the windfall tax which has hit our sector,” he added.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.