The Dublin Airport Authority (DAA), overseeing Dublin Airport and Cork Airport, experienced a significant boost in revenue last year, surpassing €1 billion for the first time in its history. The company, led by CEO Kenny Jacobs, reported a profit after tax (PAT) of €176 million, marking an 80% increase from the previous year. Additionally, the DAA announced a €31 million dividend to the Exchequer.
Despite strong business performance, the DAA faces a substantial debt of €1.6 billion, more than double its pre-pandemic levels. CFO Peter Dunne highlighted the need for refinancing existing facilities and securing additional debt funding to support a €2 billion capital program for sustainable infrastructure development at Dublin and Cork Airports.
Maintaining its investment grade rating at S&P (A-/A-2) positions the DAA to access financing from a wider range of lenders and investors, crucial for funding its expansion plans and infrastructure projects.
Dublin and Cork Airports collectively welcomed 36.3 million passengers last year. Dublin Airport, constrained by a 32 million passenger cap imposed nearly two decades ago, is seeking approval for an expansion to accommodate up to 40 million passengers annually. However, criticism from airlines like Aer Lingus and Ryanair highlights the urgency for interim measures to address capacity constraints and support continued growth.
CEO Kenny Jacobs emphasized the importance of Dublin Airport’s expansion for Ireland’s economic growth, job creation, and tourism. The DAA is navigating cost challenges and regulatory limitations while striving to balance growth with existing constraints. Addressing concerns about connectivity and capacity management, the DAA remains committed to enhancing airport infrastructure and operational efficiency to support Ireland’s aviation sector and overall economic development.
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