Ireland West Airport Knock operator, Connacht Airport Development Co Ltd, reported a pre-tax profit of €2.075m in 2022, following a record revenue of €17.93m.
The airport experienced a strong recovery post-Covid, with a 314pc increase in passenger numbers, reaching 721,894 in 2022.
Revenues surged over fourfold, from €3.89m to €17.93m, due to the sharp increase in passenger numbers.
The pre-tax profit of €2.07m offset the pre-tax losses of €179,876 incurred in 2021 due to the pandemic.
The directors foresee further passenger number growth in 2023, projecting figures close to 850,000 for the year.
Despite the positive performance, the directors highlight challenges in containing costs, including rising fuel, electricity, energy, insurance, utility costs, inflationary pressures, and wage increases.
The airport attributes its strong 2022 performance to the reinstatement of pre-Covid capacity by Ryanair and the return of Aer Lingus daily services to London Gatwick.
The introduction of a new daily service to London Heathrow by Aer Lingus is a major development for the airport and the region.
The airport plans to invest nearly €8m in 2023 to maintain and improve safety and security infrastructure.
Risks identified by the directors include dependence on a limited number of airlines in the current economic climate.
The company’s pre-tax profit incorporates non-cash depreciation and impairment costs of €3.14m.
Other operating income of €4.18m consists of government grant funding, capital grants, and subsidies under the Employer Wage Subsidy Scheme (EWSS).
The number of employees at the airport increased from 58 to 124, while staff costs more than doubled from €2.87m to €5.75m.
Directors’ pay totaled €216,321, including remuneration and pension contributions.
A breakdown of revenues reveals aeronautical revenues of €9m, commercial revenues of €8.86m, and ‘other sales’ of €59,194.
The airport firm closed the year with shareholder funds of €10m, including accumulated profits of €6.17m, and cash funds of €9.69m.
