CNA – ADP, operator of airports in France, central Asia, India and elsewhere, yesterday said it expected profits to fully recover from the COVID impact this year, after its annual earnings beat expectations on traffic recovery and stronger activity in its retail and services business.
Airport operators’ profits are recovering as travel demand slowly returns to pre-pandemic levels, even as high inflation and the uncertain geopolitical situation eat into consumer confidence.
ADP posted 2022 earnings before interest, taxes, depreciation, and amortisation (EBITDA) of EUR1.70 billion (USD1.82 billion), against an estimate of EUR1.63 billion in a company-provided poll.
The group said it expected its EBITDA to return to at least pre-pandemic 2019 levels as early as this year, meaning at least EUR1.77 billion, a year earlier than its previous forecasts.
“All the 2022 targets have been met or exceeded,” Chief Executive Officer Augustin de Romanet said in a statement.
The operator of Orly and Roissy Charles de Gaulle airports in Paris said it expected 2023 passenger numbers for the group to climb to the range of 95 per cent and 105 per cent of pre-pandemic levels.