Aéroports de Montréal (ADM) welcomed three times more passengers last year than in 2021, which helped it improve its results and return to surpluses.
The Greater Montreal Airport Authority and operator of Montreal-Trudeau International Airport saw its passenger traffic grow throughout 2022 and totaled 15.97 million visitors for the year, which represented an increase of 207, 1% compared to the 5.20 million passengers in 2021.
In the fourth quarter, the traffic level was 94.7% of the level for the same period in 2019, i.e. before the pandemic.
In its results released Wednesday, ADM reported consolidated revenues of $652.1 million for its 2022 fiscal year, up 134.8% from $374.4 million the previous year. The organization attributed this progress to the “significant recovery” in passenger traffic that began at the end of the first quarter of 2022 and which continued “throughout the year”.
Annual operating expenses rose to $214.2 million, up 42.0% from $150.9 million last year, which ADM attributed to higher operating expenses for passenger services due to the sustained resumption of activities since the spring of 2022 and the reduction in wage subsidies. ADM’s total expenses reached $607.7 million last year, a total up 19.3% from 2021.
The excess of revenues over expenses amounted to $45.3 million, whereas the previous year ended with a shortfall of $230.8 million.
“The last six months of 2022 will have allowed us to reconnect with our passengers and resume a large number of activities at YUL (Montréal-Trudeau Airport), a trend that was definitively confirmed during our last quarter,” said ADM Chairman and CEO Philippe Rainville said in a statement.
ADM’s capital investments totaled $68.0 million last year, which represented an increase of 31.1% compared to the $51.8 million of the previous fiscal year.