Thanks to the continued recovery of the air transport market, Swedish airport operator Swedavia, has reported an improved operating income for Q3, 2023 compared with the corresponding period in 2022. The news comes despite global uncertainty and a weaker economy.
More than 9 million passengers flew to or from Swedavia’s airports during Q3, an increase of 9% on Q3 in the previous year. Operating income across the operator’s airport portfolio totalled SEK 157 million, which is an increase of 110%. Net revenue was SEK 1,613 million (an improvement of 23% compared with the same period in 2022).
“We reported improved operating income for both the quarter and the nine-month period, driven by increased travel,” said Jonas Abrahamsson, President and CEO of Swedavia. “At the same time, it is clear that our investments in infrastructure and smoother flows at our airports, combined with more favourable concession contracts and an improved commercial offering, have also contributed to these results. The recovery in air travel following the pandemic continued during the quarter, but the pace slowed slightly towards the end of the quarter.”
The news follows a positive year so far for Swedavia. For the year up until September, its net revenue increased 27% compared with January to September 2022. The operator also noted that revenue from Commercial Services increased 21% compared with the same period last year, to SEK 600 million. Revenues increased more than the upturn in passenger volume, which was mainly due to increased commercial revenue per passenger.
Abrahammson added: “We are continuing to implement our new commercial strategy, which focuses on having an affordable, broad range of food, drink and shopping in an inspiring environment for travel.” Underlining this strategy he referenced the recent completion of the new Marketplace in Stockohlm Arlanda Airport, which alongside the new security control in Terminal 5 will enhance the overall passenger experience.
“To build on the recovery we have seen at our airports in recent years, it is important for us to do all we can in the future to further enhance Swedavia’s competitiveness and attract the routes we need. Our commercial investments help us to offer lower airport charges, making us more competitive. From this perspective, a review is also needed of national policy instruments such as the Swedish aviation tax, which directly reduces competitiveness,” concluded Abrahamsson.
