Connaught Airport Development Co Ltd.'s new financial statements demonstrate the airport's impressive post-COVID-19 pandemic recovery, with passenger volume rising by 314 percent to 721,894 in 2022.

Revenues increased from €3.89 million to €17.93 million, more than four times, because of the significant rise in passengers.

Pre-tax losses of €179,876 attributable to COVID-19 were followed by a pre-tax profit of €2.07 million in 2021.

According to the directors' prediction, passenger numbers for 2023 will keep rising and will likely approach 850,000 for this year.

The airport turned over €17.9 million, “as a result of all of its main commercial income streams performing strongly,” said the directors, who expressed their satisfaction with “a strong performance” in revenue terms.

“However, with significant increases in fuel, electricity, energy, insurance, and other utility costs, combined with ongoing upward inflationary pressures and wage cost increases, cost containment measures have proven to be very challenging.”

2022 passenger numbers will account for 89% of pre-Covid passenger numbers, and the business's €17.93 million in revenue in 2022 will surpass the €14.9 million in sales from the record-breaking 2019 year by 20%.

The executives claim that Ryanair's excellent 2022 performance was due to the airline restoring all its pre-Covid capacity and air flights to the UK and Europe, as well as raising the number of seats available to popular destinations in the UK and Europe by 16 percent in comparison to 2019.

They also reported that Aer Lingus resumed its regular London Gatwick service, with extremely favourable results.

According to the article, in March of this year, Aer Lingus started a new daily service to London Heathrow, which is a significant development for the airport and the surrounding area.

For the first time in the airport's 37-year existence, the directors claim that this service “will provide a major boost for the airport and the region.” The airport is near one of Europe's main international airport hubs.

The airport will proceed with its 2023 investment of over €8 million and that it will continue to maintain and upgrade vital safety and security facilities.

Regarding the dangers the airport faces, the directors point out that, given the present state of the economy, passenger flow is dependent on a small number of airlines.

The pre-tax earnings of the corporation include the non-cash depreciation and impairment charges, which total €3.14 million.

Along with the profit, there is further €4.18 million in other operational revenue. This comes from capital grants of €2.05 million, employer wage subsidy scheme (EWSS) financing of €335,611, and government grant money of €1.78 million under the Regional Airport Programme.

The airport company hired 124 people last year, up from 58, despite labour expenses more than doubling to €5.75 million from €2.87 million. The combined compensation for directors was €216,321, consisting of €35,750 in pension contributions and €180,571 in salary.

The company's income breakdown reveals that it brought in €9 million from aviation sales, €8.86 million from commercial sales, and €59,194 from "other sales."

The airport had €10 million in shareholder capital at the end of the previous year, which included €6.17 million in cumulative earnings. Cash on hand for the business increased to €9.69 million from €8.8 million.