Finavia, the Finnish airport operator, reported substantial revenue growth in 2022, despite the pandemic-related challenges. However, due to the low passenger volumes at the regional airports and the low level of transfer travel at Helsinki Airport, the company's overall result for the financial year remained negative.
According to the company's financial statement, the total number of passengers in 2022 was 28.8 million, representing an increase of 186.7% compared to 2021.
Revenues increased by 105.3% to EUR 298.4 million, while the operating margin turned positive at EUR 65.4 million, representing growth of 340.8%.
Despite the positive developments, the company's operating result remained negative, showing a loss of EUR 52.3 million, though this represents a year-on-year improvement of 60.0%. The low level of transfer travel between Europe and Asia, due to the COVID-19 restrictions in China and the closure of Russian airspace to EU countries, affected the company's financial performance.
The revenues of Helsinki Airport, which are usually used to fund the operations of several regional airports, were not sufficient to cover the losses. The company has a EUR 300 million cost-cutting programme under way to minimise losses.
The CEO of Finavia, Kimmo Mäki, expressed his optimism about the company's future, saying that the strategic goals for 2023 are dedicated and motivated personnel, business growth, and financially sustainable operations. He also mentioned that the company's revenue growth was driven by the increased volumes of air traffic and other revenues.
Looking ahead, the company expects its revenues for 2023 to be higher than in 2022, based on the current view of the development of air traffic. However, the war started by Russia and the related airspace closure may slow down the development of air traffic in the long term.
The company's Board of Directors proposed to the Ordinary General Meeting of Shareholders that no dividend be distributed, given the loss for the financial year. Finavia's financial statements, Corporate Governance and Remuneration Statement, and Annual Report and sustainability disclosures are available on the company's website.