DENMARK. Copenhagen Airports (CPH) yesterday posted a +6% year-on-year rise in first-half non-aeronautical revenues to DKK929 million (US$137.1 million) and a +24% increase in total revenues to DKK2,355 million (US$347.5 million).
Overall non-aeronautical and concession revenue failed to keep pace with a +12% year-on-year rise in passenger numbers at the group’s flagship Copenhagen Airport to 13.8 million.
Concession revenue from the Copenhagen Airport Shopping Centre rose +6% year-on-year to DKK391 million (US$57.7 million).
Copenhagen Airports attributed the increase to rising passenger numbers but said the positive impact was partially offset by the closure of several food & beverage outlets and speciality shops due to the ongoing Terminal 3 expansion. The closure and rebuilding of convenience stores in Q1 also affected revenues negatively.
The T3 area between Gates B and C is being expanded to make extra room for travellers in the future and to accommodate a wider selection of shops, restaurants and a larger baggage reclaim area as well as more capacity for border control.
Increased passenger numbers represented the primary driver of a +14% year-on-year rise in parking revenues to DKK196 million (US$28.9 million).
Group profit before tax surged +354.6% to DKK491 million (US$72.4 million), driven by increased revenues.
“I am very pleased with the substantial improvement of our earnings compared with last year,” said Copenhagen Airports CEO Christian Poulsen.
“The desire for travel is continuing to grow. We definitely feel this at the airport, as the terminals are teeming with activity and happy travellers almost round the clock.”
Commenting on the disruption from the T3 works, Poulsen added: “We have to ensure that we remain an efficient airport that is attractive to airlines and passengers alike. The new terminal area, which is due to open in 2028, will make for an even better passenger experience.
“While the construction work is going on, part of the shopping centre will be closed off, but we are doing everything in our power to ensure that the work causes as little inconvenience to passengers as possible.”
Asia bounceback but still short of pre-COVID levels
More positively Poulsen noted a sharp increase in Asia traffic. In the first six months of the year, more than 376,000 passengers travelled on a direct route between Copenhagen and Asia, up by +35% year-on-year.
“We are delighted to see traffic recovering on routes to Asia. Several of the airlines continue to face the challenge of having to avoid Russian airspace, so it is positive to see traffic increasing all the same. Passenger numbers between Copenhagen and Asia are still down -37% compared with the pre-pandemic period, however,” Poulsen commented.
Looking forward the company said: “In 2024, CPH expects continued growth in passenger volumes, which will lead to higher profitability. However, the economic outlook remains uncertain because of the ongoing geopolitical and macroeconomic effects. Any deterioration of these factors could negatively adversely impact travel sentiment and CPH’s financial outlook.” ✈
