Budapest Airport Ends 2023 with Strong Profit and Record Numbers
Budapest Airport Ends 2023 with Profit and Record Passenger Numbers
The operator of Budapest Airport has closed the year 2023 with a net profit of EUR 74 million on a net revenue of EUR 337.8 million, significantly reducing its accumulated losses during the COVID pandemic. According to a report by Turizmus.com, this achievement comes after a challenging period for the airport due to the impact of the global health crisis.
Improved passenger and cargo traffic figures have played a crucial role in Budapest Airport’s financial recovery. The company stated in a press release that it has successfully overcome the difficulties caused by the COVID pandemic after four years of hard work. In 2020 and 2021, the airport faced significant challenges, but by 2022, the company began to see signs of recovery.
The full recovery continued in 2023, with passenger traffic exceeding expectations as 14.7 million passengers traveled through Budapest Airport, representing a 91% recovery from pre-pandemic levels. Additionally, air cargo volumes reached a new record, with BUD Cargo City handling over 200,000 tons of cargo.
Looking ahead to 2024, Budapest Airport anticipates surpassing the record-breaking passenger numbers of 2019, with projections reaching nearly 17 million passengers. Cargo volumes are also expected to reach a new milestone of 240,000 tons.
The financial success of 2023 is reflected in the airport’s performance, with a 20% increase in net revenue compared to the previous year. The airport operator invested EUR 77 million in capacity expansion and infrastructure development projects during the year, bringing the total investments since 2019 to over EUR 332 million by the end of 2023.
Furthermore, Budapest Airport renewed its maturing bank loans, ensuring financial stability for the future. As a result, the airport was able to pay a dividend of EUR 43 million to its Hungarian parent company, reflecting the company’s commitment to reducing losses accumulated during the pandemic.
Kam Jandu, CEO of Budapest Airport, expressed gratitude to the airport community for their efforts in achieving the best airport in Europe award in 2023 and the Best Airport in Eastern Europe award for the eleventh time. The airport’s quality rating was upgraded to four stars, acknowledging the significant improvements made through investments.
The ASQ survey for the first quarter of 2024 ranked Budapest Airport first among 20 surveyed airports, marking a historic achievement for the airport. The CEO highlighted this milestone as a testament to the airport’s commitment to excellence.
Overall, Budapest Airport’s financial recovery and operational excellence in 2023 demonstrate the resilience and determination of the company amidst challenging circumstances. As the aviation industry continues to rebound, Budapest Airport is well-positioned for continued growth and success in the future.
