The airport saw turnover go up to over £65m, an increase it says was driven by more passengers and an associated increased spend on food, beverage and parking.
The accounts cover the 12 month period ending on 31 December 2024, and shows the airport continuing to increase profits and passengers towards pre-pandemic levels.
The strategic report that precedes the accounts describes the company’s principal activities as “the operation and management of the Belfast International Airport and the provision of facilities and services associated therewith”.
“The key economic driver of the business is passenger volume. The business of the company has two main customer groups influencing this key economic driver – airlines and their passengers,” it adds.
“Traffic income is generated from the airlines who are charged in accordance with the terms of their contracts or in accordance with the airport’s standard terms and conditions; these charges mainly relate to both passenger numbers and aircraft weight.
“Passenger volume also drives the commercial income from concessionaires and the income from car park operations.”
Last year also saw the completion of several major capital projects at the airport, including the terminal expansion, a new security building and “the purchase of next generation security equipment”.
The company is owned by VINCI Airports, which is headquartered in France and operates over 70 airports.
Turnover at Belfast International went up by 22% between 2023 and 2024, rising from £55m to £67m, reflecting a rise in passenger numbers from 5.9 million to 6.7 million.
Belfast International Airport
Pre-tax profits increased from £9.5m to £17.3m, an increase of 82%.
The directors attributed the increase in turnover to “the improvement in passenger volume which is the key economic driver of the business and the performance of extra aeronautical activities in particular car park and food and beverage”.
Operating costs also increased at the airport in 2024, however at a proportionately smaller rate, going up only 5% from £44m to £46m. Interest payable saw a 45% rise from £2.2m to £4m.
The smaller cost increases relative to higher incomings meant a large boost in pre-tax profits, an 81% rise from £9.5m to £17.2m.
On the balance sheet, the company’s cash at bank and in hand fell by 11% to £14m, while cash owed to creditors due within a year decrease very slightly to just under £20m.
Employee numbers rose 6% to 200, however employee costs dropped 10% from £12.6m to £11.4m.
The strategic report set out the future prospects by saying: “The airport has now fully recovered from the Covid-19 pandemic crisis with obvious increased activity during 2024.
Arriving at Belfast International Airport
“Passenger numbers are forecast to rise alongside airline capacity to receive new aircrafts. The forecast passenger numbers for 2025 are expected to be around 2024 levels and exceed 2019 levels by c. 8%.”
CGI of exterior of arrivals at Belfast International Airport following improvements
News Catch Up – Thursday 2 October
The directors acknowledged several types of risk facing the business, including changes in demand as well as the possibility of “global issues (including potential introduction of new tariffs between main economies)”.
