FRANKFURT / LONDON (IT BOLTWISE) – Despite a slightly lowered passenger forecast, Fraport is showing impressive profit growth. International airports are making a significant contribution to the recovery, while Fraport shares are rising sharply on the stock market.
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The airport operator Fraport has recorded a pleasing profit development despite a slight adjustment to its passenger forecast for Frankfurt Airport. The originally expected 64 million passengers were revised to 63 million, which still leaves the record figure of 70.6 million from 2019 a long way off. Nevertheless, the group was able to score points with a surprisingly profitable summer, which was also met with approval on the stock market. Shortly after the stock market opened, Fraport shares jumped by almost ten percent, making them the clear leader in the MDax. Since the beginning of the year, the security has increased in price by almost a third, which makes market participants optimistic.
In the third quarter, sales remained stable at 1.35 billion euros, while operating profit rose by an impressive 23 percent to 593 million euros, exceeding analyst expectations. The profit for shareholders rose by a third to almost 303 million euros, boosted by an unscheduled reimbursement in the area of company pension schemes, which increased the operating result by 50 million euros. Overall, Fraport achieved an operating profit of 1.2 billion euros in the first nine months, almost at the same level as the entire previous year.
The Fraport Group’s international airports are proving to be the driving force of the post-pandemic recovery, with passenger growth of 4.6 percent in the first nine months, almost equal to the 2019 figures. The regional airports in Greece, Peru and Turkey are developing particularly positively. In comparison, Frankfurt Airport remains 12 percent behind pre-crisis levels. According to Fraport, the high aviation tax and various fees are responsible for the sluggish recovery in Frankfurt.
Nevertheless, 5.9 percent more passengers were counted in October than in the same month last year. Next April, Fraport plans to open Terminal 3, although Terminal 2 will be closed for a major renovation and 57 airlines will move to the new terminal. Lufthansa and its partners will remain in Terminal 1. Fraport boss Schulte plans to moderately increase operating profit in 2025, even if, according to the forecast, consolidated profit before minority interests from third parties could only just reach the 2024 level.
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