TIRANA, July 23
Tirana International Airport (TIA), the company that operates with concession the only airport of Albania, also known as Mother Theresa Airport has published the annual balance for the year 2018, where it has reported the highest rate of profit, since the beginning of the activity, almost half of the revenue. The data shows that the income of the company for 2018 was Lek6.4 billion, or approximately €51 million, with an increase of 7% compared to the previous year. This is the highest income recorded by TIA until today.
The continuous growth of the passenger traffic, Albanian or foreign citizens that visit Albania more and more each year, has affected the positive performance of the airport. During 2018, the traffic of passengers at Tirana International Airport, registered a record of 2.95 million passengers, according to data by TIA. Compared to a year before, the number of passengers was increased by 12%.
Approximately 7% more Albanians traveled from and to Tirana International Airport, compared to last year, based on the data by INSTAT. Whereas, the traffic of foreign citizens was increased by 27%, compared to 29% of the previous year. The flux of passengers traveling by charter was increased by 64% in 2018, where the biggest impact was by the airlines coming from Poland, Norway, Israel, Ukraine, Czech Republic, and Sweden.
The best performance of the income was reflected in the profits, which were worth Lek3.1 billion or around €25 million, before taxes. Whilst the expenses are increased with slow rhythm compared to the income, the rate of profit was 49%, almost half of the income, with an increase of 2% compared to 2018. The rate of profit reported for 2018, was the highest that the concessionary company has registered since it started its activity in 2004. In 2015, the gross profit rate was 41% and in 2013 was 35.5%.
The Consortium Tirana International Airport ( previously known as Tirana Airport Partners), in 2004 signed a concessionary agreement for 20 years, with the Albanian government for the redesigning, financing, construction, carrying out, functioning, management and the development of the Mother Theresa International Airport. In October 2016, was finalized the sale of concession quotas at the company Real Fortress Private Limited, a company offshore with headquarters in Singapore.
In March 2016, the government announced that it has made an agreement with the company that managed the Tirana airport, thus removing the franchise that prevented the opening of other airports in the country. The removal of the franchise, gave to TIA two more years for the concession, postponing the term until 2027 for the termination of the contract, in exchange for the opening of Kukes Airport, which still to this day is not in function, but on May 2019 it has been approved the concession to make possible the airport’s development and functioning.
In January 2019, the Ministry of Infrastructure and Energy claimed as a winner for granting a concession of Kukes Aiport for 35 years, to two companies, the temporary union of associations called ‘Global Technical Mechanics’ and ‘Bami sh.p.k.’ with a value of investment €8 million (without taxes). By opening another airport in Albania it is expected to further lower the price of the flight tickets, that are one of the most expensive in the region. Meanwhile, the government is in discussion with the concessionary of Tirana International Airport, for the lowering of the tariffs, because of after the audit has resulted that the concessionary company has had more income than expected in the beginning. The company spent for the concession’s tariff, Lek761 million or €6.1 million in 2018, with a growth of 11% compared to 2017.