Montenegro airports made a profit of €10m

The Airports of Montenegro made a profit of €10,045,190 last year, which is 95% better result compared to 2017, suggests the work report of this company. Apart from a very good financial result, the Airports reported record-breaking 2,454,524 passengers who flew on scheduled airline services last year. The company itself started a massive investment cycle by constructing an airport terminal in Tivat for the departing passengers, while three temporary facilities are going to be built in Podgorica Airport as well. The greatest burden is still the debt of the national airline, Montenegro Airlines, amounting to €27.95 million.

The total revenues of the Airports of Montenegro rose by 9 per cent in 2018 and amounted to €37.44 million, while costs reduced by 6 per cent and were €27,234,436.

Aviation revenues amounted to €32.71 million, non-aviation were €4.73 million. The Airports also had €2.18 million in revenues from Duty Free Shops, €621,343 from providing catering services, €407,344 from renting, €270,797 from parking, €212,742 from business passengers and VIP saloons and €126,500 from billboards.

When it comes to costs, they were somewhat higher as the number of employees, especially seasonal workers, increased so the Airports had to allocate €3,340,268 for their salaries. Business expenditures amounted to €832,465, says the Report adopted by the Government of Montenegro at its latest session held on Thursday.

This company is making a profit, there are no problems with liquidity, corporate indebtedness is low and financial obligations make up less than 10 per cent of the total value of property. Based on the Report, the greatest risk for the company is the possibility that debtors fail to pay what they owe to the Airports, which would result in the financial loss. The company’s biggest debtor is Montenegro Airlines, which paid €2,175,024 to the Airports of Montenegro last year.

In addition, the Government of Montenegro has been planning to give the airports in Podgorica and Tivat for a long-term lease with the advance payment of at least €100 million.



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