Corporación América Airports (CAAP) recorded $382.1 million in revenue in the first quarter of 2023 (Q1 2023), a 48.% year-on-year increase and 6% more than in Q1 2019.
The cash included $68.3 million in aeronautical revenues, $37.1 million in commercial and $20.3 million from construction services.
CAAP’s operating Income of $102 million was almost double the $51.8 million in 1Q22,, while adjusted earnings (EBIDTA) increased from $89.2 million to $140.6 million.
The company said it ended the quarter in a “strong cash position” with cash & cash equivalents of $401.1 million, while debt to adjusted EBITDA improved to 2.1x from 2.4x at the end of Q4 2022.
The company reported a 37.3% jump in passenger traffic to 18.5 million, reaching 89.9% of 2019, with cargo up 5/2% to 81% of 2019.
“We are pleased with the strong start to the year, continuing the recovery trend from 2022 and delivering record-high Adjusted EBITDA of $140.6 million, surpassing 1Q19 levels by 20%,” said Martín Eurnekian, chief executive.
“This good performance was driven by positive Adjusted EBITDA across all countries of operations, supported by the success of our commercial initiatives, solid aeronautical revenues along with cost controls. Notably, this was achieved with total passenger traffic at 90% of pre-pandemic levels,” he added.
