Copenhagen Airport has reported that it turned a profit in the second quarter of 2022 following several quarters of losses, as non-aeronautical revenue increased by DKK 460 million/$63m to DKK 741 million/$102m in H1 2022; a +163.9% rise on the first six months of 2021.
Concession revenues (from the shopping centre, parking and other revenue) reached DKK 440 million (+322%) while concession revenue from the shopping centre climbed to DKK 282 million (+336%).
Most of the specialty shops, Tax Free and concessionaires in the restaurant and convenience segment were open for business during the first half of 2022, in comparison with the same period in 2021 when most were closed for a large portion.
The company has been able to recruit 507 new employees in the first half of this year during which it recorded a slight loss of DKK 12 million before tax.
“However, there is no denying that inflation, war, new Covid-19 variants, and general global uncertainty continues to be a challenge,” said the airport.
During the crisis, CPH had to eliminate more than 800 jobs.
“The airport has begun to look like its old self during early summer with daily passenger figures of 70,000 to 85,000 and 600 to 700 departures and arrivals on 240 routes,” said Thomas Woldbye, CEO of Copenhagen Airport.
“We can tell from both our operations and our books that there is a pent-up appetite for travel whether for leisure or business.”
Revenue for the second quarter landed at DKK 972 million, a 276% improvement on the same period of 2021. Revenue for the first six months of 2022 was DKK 1,550 million, but still 26% less than for the same period of 2019, the last ordinary year pre-COVID.
The sharp rise in activity during the spring produced a profit before tax of DKK 159 million for the second quarter. Combined with the loss before tax of DKK 171 million for the first quarter, the overall result for the first half of the year ended with a slight loss of DKK 12 million before tax.
“Copenhagen Airport is now very close to its financial break-even point,” added Woldbye. “This is great news after the worst crisis ever for the airport, but we are not out of the woods yet, and unfortunately break-even does not allow us to invest in the future.”
Since the crisis hit in March 2020, CPH has borrowed a total of DKK 2.2 billion to keep the airport running and to make the necessary investments.
“Our debt burden poses a challenge to our ability to invest in the sustainable airport of the future and to retain our position as an important northern European air traffic hub,” added Woldbye.