Swedavia’s Q1 2022 Interim Report: Continued Improvement in Earnings Thanks to Recovery

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Published on : Monday, April 25, 2022

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The recovery in air travel continued during the first quarter of 2022. Four million passengers flew to or from Swedavia’s airports during the first three months of the year, which is four times more than during the same period last year. This led to a doubling of net revenue and significantly better underlying operating income. However, income for the period continued to be dominated by the effects of the Covid pandemic and totalled -265 million kronor. Swedavia now continues the work of adjusting its operating activities to increased air travel.

“The positive trend in air travel that we saw during the second half of 2021 has continued in 2022, which also dominated Swedavia’s first quarter overall. Four times more passengers flew to or from our airports than during the same period last year. Increased travel has had a positive effect on our income, but travel is still far from pre-pandemic levels, and as a result we posted a loss for the eighth straight quarter,” says Jonas Abrahamsson, president and CEO of Swedavia.

Swedavia’s net revenue for the quarter was SEK 882 M, which is nearly a doubling compared to the same period last year (457). Operating profit was SEK -325 M (-381). Excluding items that affect comparability and restructuring aid, operating profit was about SEK 250 M better than last year. Income for the period was SEK -265 M (-310).

Alongside the adaptation of operating activities to increased travel, important development projects are under way at Stockholm Arlanda Airport, with an integration of Terminals 4 and 5, a new modern security checkpoint and a new marketplace that will be placed in service next summer.

“Naturally, it is gratifying that more and more people have an opportunity to travel, and there are many indications that we are headed for an intense summer. However, that presents operational challenges for an industry hit really hard by the pandemic. There is also a great need for recruitment throughout the industry, and staff shortages will in some cases limit capacity in the system this summer. The development projects at Arlanda will also put some pressure on the situation at the airport for a while, but they will provide a fantastic boost for Arlanda once they are completed next summer,” says Jonas Abrahamsson.

Source:- Swedavia

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