The Fraport global airport company recorded a passenger growth of 7.2%, reaching a total of 74.1 million travellers across its actively managed aviation gateways during the first half of 2024 (ending June 30). Supported by the growing demand for air travel, Group revenue increased by 13.0% year-on-year to €2,038.8 million. Fraport's operating result, or EBITDA (earnings before interest, taxes, depreciation, and amortisation), reached €567.1 million, up 17.8% year-on-year. The Group result, or net profit, registered an even higher growth rate, surging by nearly 90% to €160.8 million (from €85.0 million in the first half of 2023).
Fraport CEO Dr Stefan Schulte commented: “In the second quarter of 2024, we successfully continued our positive financial performance from the beginning of the year. Passenger numbers in Frankfurt grew by about 4.5% in the April-to-June period. However, compared with the 10.4% increase seen in the first quarter, the positive trend in Frankfurt has slowed down during the second quarter. Growth in Frankfurt is particularly constrained by high location-specific costs imposed by German regulators. Moreover, delivery delays for new Boeing aircraft affecting our main customer Lufthansa and additional maintenance intervals for the Airbus A320 aircraft family also cause growth rates to gradually level off in the low single digits. Our international business continues to be the main growth driver for our company. Fraport's 14 Greek airports achieved new passenger records in the first half – as did our Group airports in Antalya and Lima.”
In the first half of 2024, Fraport's Group revenue increased by 14.1% year-on-year to €1,766.6 million (after adjusting for revenues resulting from construction and expansion measures at Fraport's international subsidiaries in line with IFRIC 12). In Frankfurt, this positive revenue performance was driven by passenger growth and price effects leading to higher proceeds from airport charges (up €60.9 million year-on-year), infrastructure charges (up €21.6 million), ground services (up €17.8 million) and aviation security charges (up €14.0 million). The Group's adjusted revenue was also boosted by Fraport's international business. Major contributions came from Fraport USA (up €33.0 million), after this subsidiary took over centre management operations at Washington D.C.'s Dulles and Ronald Reagan airports at the start of the year. Lima (up €25.5 million) and Fraport Greece (up €22.2 million) also contributed to revenue growth, with both subsidiaries showing positive traffic performance.
The Group's operating result (or EBITDA) rose by 17.8 percent year-on-year to €567.1 million in the first six months. This growth was supported both by the Aviation and Ground Handling segments in Frankfurt and the ongoing strong performance of the Group's International Activities segment, in particular the airports in Greece and Lima. The Group result (or net profit) surged by 89.2 percent year-on-year to €160.8 million. As a result, basic earnings per share rose to €1.63 in the first six months (6M/2023: €0.87). (€1.00 = US$1.08 at time of publication).
