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Fraport Posts FY Profit

German airport operator Fraport (FRA.DE,0O1R.L,FPRUF.PK) reported that its net profit for fiscal year 2021 was 91.8 million euros compared to a loss of 690 million euros in the previous year, reflecting higher passenger demand and strict cost reductions.

Driven by revenue growth and a further significant reduction in operating expenses, Group EBITDA or earnings before interest, taxes, depreciation and amortization were 757.0 million euros.

Group revenue rose by 27.8 percent year-on-year to 2.14 billion euros, reflecting Fraport's overall positive traffic performance. Adjusted for revenue from construction and expansion measures at Fraport's subsidiaries worldwide, Group revenue grew by 30.9 percent to 1.90 billion euros.

The company said it is focusing on ramping up operations. It includes plans to recruit up to 1,000 operational staff in 2022. At the same time, the company is intensifying climate goals. The company's aim is to become carbon free by 2045 - in Frankfurt, as well as at all Group airports worldwide.

For the current 2022 business year, Fraport expects traffic at Frankfurt Airport to range between about 39 million and 46 million travelers - equaling 55 to 65 percent of the pre-crisis 2019 passenger level. Group revenue is projected to reach about 3 billion euros. Group EBITDA is expected to range between 760 million euros and 880 million euros. The Group result (net profit) is expected to reach between 50 million euros and 150 million euros.

Fraport's executive board will propose to the Supervisory Board and the AGM, like in fiscal 2021, not to distribute a dividend for the current 2022 financial year.

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