Riga Airport Generates €3.4 Million in Profit during 2024
Riga Airport's Revival: Passenger Numbers, Profits Soar Beyond Pre-Pandemic Levels
Riga International Airport (RIX) has reported a noteworthy resurgence, outpacing pre-pandemic passenger numbers in 2024. The airline's profit skyrocketed, reaching €3.4 million, according to its audited annual report for 2024. This significant growth was underpinned by a 7% increase in passenger numbers, serving a total of 7.1 million passengers last year.
Direct passengers accounted for 78% of the total, while the number of flights handled increased by 3%, amounting to 63,000 flights. These fluctuations contributed to a 7% rise in net turnover, which surged to €77.63 million in 2024. Aviation services generated €44.87 million, while non-aviation services added €32.76 million, reflecting a substantial 12% year-on-year increase.
Capitalizing on this momentum, RIX undertook multiple strategic investments last year, aiming to improve passenger experience, airport efficiency, and sustainability. The airport's €16.2 million investment included the procurement of electric buses for passenger transport, the continuation of the reconstruction of the technical services building, and upgrades to the electrical infrastructure. Significant investments were also made in high-powered airside ground handling equipment, as well as in the replacement of aircraft bridges and the purchase of an electric ambulift for passengers with reduced mobility.
Laila Odiņa, Chairperson of the Board of RIX Riga Airport, expressed satisfaction with the 2024's achievements. "Riga Airport's 50th anniversary served as a reminder of past triumphs while casting a vision for the future. Our rebranding initiative has brought us a modern, competitive identity, aligned with our objective of becoming Northern Europe's prime travel hub. Our impressive performance in terms of passenger volumes, financial stability, and sustainability advancements signify a promising trajectory. This year, we are pushing forward with major upgrades to accommodate more passengers, minimize our environmental impact, and strengthen Latvia's presence in the Nordic aviation sphere. Additionally, we anticipate launching the terminal expansion in the second half of 2025, following the completion of an international construction tender and securing financing from international financial institutions," she stated.
RIX Riga Airport's dedication to sustainability has earned it the GRI's 'Diamond' rating in the Sustainability Index. Its commitment to reduce carbon emissions saw significant strides, evidenced by the development of solar panel parks and the replacement of ageing diesel buses with electric alternatives. The airport has also pledged to achieve climate neutrality by 2035, as outlined in its updated NetZero roadmap.
- The surge in profits at Riga International Airport extends beyond aviation, as sustainable-living initiatives like the installation of solar panel parks demonstrate their commitment to environmental science.
- The increase in passenger numbers at RIX is not limited to traditional transport, as more individuals seek eco-friendly travel options, exciting opportunities for the aerospace industry present themselves.
- As RIX continues to invest in high-powered airside ground handling equipment, the advancements in technology will greatly impact the efficiency and environmental performance of the airport.
- The growth in passenger numbers and profit does not exclude the home-and-garden sector, as the improved infrastructure will enhance the overall lifestyle of residents and visitors around the airport.
- The sports industry may find synergies with the thriving business at RIX, as the increased number of passengers and financial stability could potentially create opportunities for sports-betting ventures.
- The environmental-science department of various universities could benefit from the expansions and advancements at Riga International Airport, as students can conduct research and collaborate with airport experts.
- The financial stability and sustainable practices of RIX Riga Airport could inspire other industries to follow suit, contributing to a larger movement towards climate-change mitigation efforts and promoting business-as-usual with a focus on sustainability.
