Germany's largest airport operator, Fraport, reported a doubled net profit of €430.5 million in fiscal year 2023, driven by a recovery in passenger numbers at Frankfurt Airport.
Germany's largest airport operator, Fraport, reported a significant increase in profit for fiscal year 2023, with net profit doubling to €430.5 million ($467.1 million). The company's annual revenue increased by 25.2% to around €4 billion, driven by a recovery in passenger numbers, which reached 59.4 million at its home base, Frankfurt Airport. However, cargo volumes at the airport declined by 3.9% to around 1.9 million metric tons due to European airspace restrictions and weak economic growth. Fraport also warned of the impact of the upcoming increase in Germany's air traffic tax and aviation security charges, which could create more challenging conditions for airport operators.
March 19, 2024
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