Budapest Airport Closes Another Profitable Year

Budapest Airport, the management company of the Ferenc Liszt International Airport of the Hungarian capital, 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 million, reducing the EUR 198 million loss accumulated during the COVID period to EUR 121 million. No dividend is being paid to the shareholders.

After two financially difficult years in 2020 and 2021, Budapest Airport finally got some breathing room in 2022. 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; these results are reflected in the 2022 financial indicators. Last year, the company’s net revenue was EUR 277.7 million, more than the combined total for 2020 and 2021. Budapest Airport thus closed last year with a profit of EUR 76.6 million, whereby it managed to cut the EUR 198 million loss accumulated over the two years of COVID to EUR 121 million.

Despite the challenges of the past years and the legacy of heavy financial losses, Budapest Airport has been able to maintain the continuous and safe operation of the airport, and brought together the necessary financial, human and infrastructural investments. Last year, the company invested EUR 47 million in infrastructure, bringing the total value of its developments to over EUR 270 million (HUF 90 billion) 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 tenth 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.

It is a top priority for the management and also for the owners to continuously raise the quality of services, improve the passenger experience and expand the airport’s capacity in line with forecasts. Budapest Airport’s owners are long-term, strategic investors, who are committed to the continued development of the airport, even though no dividend can be paid after the results for 2022.

“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, the CEO of Budapest Airport. He added: “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.”