The Fraport Group has started the 2024 fiscal year successfully, with all key financial indicators achieving at least double-digit growth rates during the first quarter of 2024 (Q1 2024 ending March 31).The main driver of this positive trend was continued passenger growth at many of the airports across Fraport's global network. Group revenue increased by 16.3% to €890.2 million in the reporting period. Meanwhile, the operating result, or EBITDA (earnings before interest, taxes, depreciation and amortisation), saw a 34.3% boost to €212.6 million. In what is typically the quarter with the lowest business volume, the Group result (or net profit) also rose to €12.7 million in Q1 2024 (from a €32.6 million loss in Q1 2023).
In the first three months of 2024, Fraport's Group revenue rose by 16.3% to €890.2 million. Adjusting for revenues resulting from construction and expansion measures at Fraport's international subsidiaries (under IFRIC 12), Group revenue increased by 16.7% to €763.5 million. The largest contributions came from Fraport's Aviation and International Activities & Services business segments. The Aviation segment's revenue rose by €45.6 million to €265.6 million in the reporting period, mainly driven by increased traffic volumes in Frankfurt and positive price effects arising from airport fees. Fraport's International segment saw a €49.1 million revenue increase, lifting the total figure to €345.9 million. Reasons included dynamic traffic growth at many of the Group's airports worldwide and the addition of new concessions in the US. At the start of the year, Fraport U.S.A. assumed responsibility for the centre management at Washington Dulles and Reagan airports serving the U.S. capital.
Reflecting this positive trend, the Fraport Group's operating result (or EBITDA) rose by 34.3% to €212.6 million during the first three months of 2024 (Q1 2023: €158.3 million). The Group result (or net profit) improved to €12.7 million. In the same period last year, this figure was still negative at minus €32.6 million.
In the first three months of 2024, passenger numbers in Frankfurt went up by 10.4% year-on-year to 12.5 million passengers. This represents around 85% of the pre-crisis level reached in 2019. Despite the negative effects of several strikes, demand for leisure travel remained high in Q1 2024. Business travel volumes also increased in comparison with the same period in 2023. Strikes and weather-related flight cancellations affected a total of around 600,000 passengers in the first quarter.
Among Fraport Group's global gateways, positive standouts were Antalya Airport on the Turkish Riviera, the 14 Greek airports and Lima Airport in Peru. At all three gateways, passenger numbers over the first three months were significantly above pre-crisis levels seen in 2019.
