The company’s business revenue last year increased by 77.1%, reaching 1.25 billion dinars. However, this increase was largely a result of revenue from the concessionaire’s capital investments and the acquisition of property without compensation, which are allocated over the duration of the concession period. Business revenues, accompanied by cash flow related to the collection of concession fees, amounted to 623.7 million dinars, showing a five percent increase compared to the previous year.
The company’s operating profit for the January-December period of last year reached 267.1 million dinars, compared to an operating loss of 179.3 million dinars in 2022. The net profit amounted to 250.2 million dinars compared to 20.2 million dinars in the previous year, with a small contribution from financial and other revenues, unlike the comparative year, as reported by Momentum analysts.
The company’s cash position at the end of December 2023 was just under 547 million dinars, compared to 770.9 million dinars at the end of 2022.
The concession agreement with a duration of 25 years began in February 2019. In the past five years, the concessionaire has experienced the most significant crisis in the industry (the pandemic). However, by 2023, they achieved a record number of passengers, reaching almost eight million, which is 29% higher than in 2019.
As stipulated in the contract, Belgrade Airport “Nikola Tesla” is expected to generate a periodic concession fee ranging from 4.5 to 16 million euros annually (but not less than five percent of gross revenue) throughout the concession period. However, other details of the contract, including exceptions to paying these fees, have never been disclosed.
Last year, the shares of the airport reached their historically highest price of 2,100 dinars, but in the second half of the year, there was a decline after increased selling pressure. In the previous year, the airport’s shares recorded an 8.4% increase. At the latest price of 1,800 dinars, the company’s market capitalization is 63.0 billion dinars (around 538 million euros).
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