Dublin & Cork Airport hit money milestone but issues warning for passengers

REVENUE at airports operator DAA has soared to over €1 BILLION for the first time.

DAA, which controls Dublin Airport and Cork Airport, revealed turnover last year climbed by 35 per cent to reach €1.018 billion amid the ongoing post-Covid recovery in travel.

It is the first time the semi-state company has ever breached the one billion euro annual revenue milestone.

Profits after tax hit €176milion last year, up a whopping 80 per cent on a year earlier.

And the board of the organisation also announced that it will pay a €31million dividend to its sole shareholder, the State – the first time one has been paid since 2019.

A further €153million was also paid in taxes to the State by the DAA in 2023.

In a post-pandemic bounce in travel, Cork and Dublin airports handled 36.3 million passengers in 2023.

But the company also continues to carry €1.6 billion in debt, twice the pre-Covid level, with much of it accrued during the pandemic.

DAA chief executive Kenny Jacobs told how the firm had a “very solid year” but vowed to remain grounded.

Jacobs also warned Dublin Airport faces turbulence over the passenger cap at the hub, which limits the numbers of travellers that can use the two terminals to 32 million a year.

The DAA is awaiting a planning decision on increasing it from the current 32 million a year to 40 million.

Jacobs blasted the cap as insufficient to meet demands of a growing population and said Ireland was “missing out” on jobs as airlines are being turned away from Dublin airport.

Hitting out at the “stalled growth” being experienced at Dublin Airport due to the passenger cap, Jacobs rapped: “It is a sign of Ireland’s success that Dublin Airport catered for almost 32 million terminal passengers in 2023 and that there is significant demand from airlines and passengers for additional connectivity.

“DAA has sought planning permission to cater for up to 40 million passengers per year so Dublin Airport can continue to be an engine for Ireland’s growth, bringing jobs, investment and tourism.

“We are a small, open, island economy and stalled growth at our national airport sends a negative signal about investment in Ireland.”