Cyprus’ two leading international airports of Larnaca and Paphos have reported record traffic figures in 2015, handling more than 7.6m (+3.6%) passengers.

 

This is obviously very good news for Aer Rianta International-owned CTC-ARI company, which operates stores at both airports under a long-term exclusive concession arrangement to 2031.

 

According to figures released by the country’s airport operator Hermes Airports, Larnaca accounted for ‘approximately 5.3m passengers’ last year, up 1.6%, while Paphos traffic grew by 8.6% to just over 2.1m.

 

As the airport company notes in a statement, this is a very good result considering that Cyprus Airways went into voluntary liquidation on 30 January 2015 and Russian traffic has fallen away, removing around 1.5m international passenger seats. Unlike Turkey, Cyprus has also remained attractive in terms of perceived stability for UK visitors – its biggest foreign tourist nationality.

 

However, hopes in some quarters – including at CTC-ARI – that Ryanair would be able to come to an agreement to take over state-owned Cyprus Airways were dashed at the end of 2014, just prior to Cyprus Airways filing for bankruptcy in January 2015.  Cyprus Airways had been struggling to compete with other carriers, including Ryanair and easyJet.

 

Nevertheless, there are still many charter and schedules airlines flying in and out of Cyprus and the news that Cobalt Air from Australia is considering setting up a local airline in the country has also been well received locally. Hermes Airports has also introduced incentive schemes for many airlines.

 

 

While not exhaustive by any means, the current list of airlines flying to either Larnaca, Paphos or both airports, includes: Aegean; Aeroflot; Arkia; Austrian; Blue Air; British Airways; easyJet, EL AL; Emirates; Etihad; Germania; Gulf Air; Jet2.com; MEA; Monarch; Orenair; Qatar Airways; Ryanair; Tarom; Thomson; Transavia; and Wizzair.

 

Hermes Airports describes the ‘recovery’ in the market since the demise of Cyprus Airways as ‘exceptional’ from many markets in the last year, including the UK (+5%), Greece(+16%), Israel (+36.1%), Germany(+16.2%), Austria(+15.6%), Ukraine (+30.8%) and Poland (+34.2%).

 

As reported at the time, ARI purchased the outstanding 50% stake in CTC-ARI for €54m ($67m) back in 2014 and has continued to believe that the location will grow.

 

Aer Rianta International CEO Jack MacGowan told TRBusiness a year ago that he had hoped Ryanair would take over Cyprus Airways and give the country’s tourism industry a big boost, but it was not to be.

 

Nevertheless, ARI still believes strongly in the tourism potential. Talking in TRBusiness’ Top 10 International Operators 2015 report last October, MacGowan said he is convinced that Cyprus is going to be a phenomenal tourist attraction ‘in 10 or 15 years’ time.

 

[Small image, top right: Larnaca International Airport].