Riga Airport announces profit in 2022

LinkedIn +

An audited annual report for 2022 shows that although the aviation industry was significantly affected after the global pandemic and by the Russian-led war in Ukraine last year and its ongoing consequences, 2022 was a year of stabilization for Riga Airport. The year ended with a turnover of €58m (US$62m), 5.4 million passengers, 55 thousand flights and a profit of €286,000 (US$305,000).

The airport’s net turnover in 2022 reached almost €58m (US$62m), which is an increase of 82% compared to 2021 and exceeds the budget by 11%. According to the airport, the growth was mainly facilitated by revenue from aviation services of just under €36m (US$38m) (or +91% compared to 2021), in particular due to a significant increase in the number of passengers following the easing of pandemic restrictions in the first half of the year. Similarly, the non-aviation services segment, compared to 2021, saw a significant 70% increase in revenue, reaching €22m (US$23m) in 2022. This was also better than had been planned in the budget (21%).

In 2022, the airport worked on the major development plans included in the medium-term strategy – the terminal expansion project and the RIX Airport City concept – and took a major step toward sustainability by approving the company’s sustainability strategy and roadmap for achieving ‘net-zero 2050’. It has also been involved in several international research and innovation projects, including the European Union’s Horizon project on the use of hydrogen technology in aviation to achieve the goal of becoming a climate-neutral airport in the future.

Airport investment in 2022 reached €14.7m (US$15.7m), modernizing both passenger and aircraft service infrastructure and the power supply system; upgrading road transportation, machinery and platform equipment; as well as improving security, emergency situation and IT infrastructure. Riga Airport paid €15.62m (US$16.69m) in taxes to the state budget in 2022.

Laila Odiņa, chairperson of the board of Riga Airport, said, “We consider 2022 as a year of stabilization. Not only have we completed it with a positive result, but we have also been able to move from the planning and project development phase to the implementation of strategic documents and to start work on several projects that are important for the future of the airport. Thanks to the wide number of destinations, many of which we are the only one in the Baltics to offer, Riga Airport is and will remain attractive to travelers in our region.”

To find out more about Riga Airport’s latest developments, click here. 

Share this story:

About Author

, assistant editor

As the latest addition to the UKi Media & Events team, Elizabeth combines research skills from her English degree with a keen interest in the meteorological and transportation industries. Having taken the lead in student and startup publications, she has gained experience in editing online and print titles on a wide variety of topics. In her role as Assistant Editor, Elizabeth creates new and topical content on the pioneering technologies in transportation, logistics and meteorology.

Comments are closed.