(Montreal) All Aéroports de Montréal (ADM) indices depart after two years of hardship.
Posted at 1:47 p.m.
Announcing the results for the first quarter of 2022 on Thursday, ADM reported a 414% increase in the number of passengers compared to the first quarter of 2021, with a total of 2.2 million passengers for the first three months of the year.
In the month of March alone, the increase reached 823% compared to March 2021, which is just one million passengers, which represents almost 60% of the number of passengers in March 2019, the year before the pandemic.
“Today, the signs of recovery are united. The health condition, though unstable, seems to be under control. People want to travel, ”said ADM Board Chair Daniel Laborz.
Revenge of the pilgrims
This abrupt flow is part of the global movement of the “journey of revenge” by lifting many health measures. ADM President and CEO Philip Rainville referred to this expression as referring to the congestion of passengers who are frustrated with not being able to fly during the epidemic.
“People want to sniff at the pandemic by escaping. We are very happy to welcome passengers and offer them this kind of release, ”Mr. Rainville said with a smile, adding that the Easter season in particular has been very strong.
Mr. Rainbow said he hopes to return to the level of 2024 to 2019, but has not ruled out that this revenue could occur by 2023 if the phenomenon continues and the resumption of travel. ‘Business. Although Dorval Airport is primarily a tourist airport, business travel still accounts for 25% to 30% of traffic, and according to Mr Rainville, recovery on this side is uncertain.
REM: Schedule postponed
ADM’s “very precarious” financial situation has led to the postponement and revision of several investment projects and the REM Airport Station may not be operational by the end of 2024 as originally planned. The new schedule will be presented in the fall.
However, there is no doubt that Philippe Rainville said: “REM Montreal-Trudeau station, we wanted it. We definitely wanted to. The modern metropolis needs a fast, traffic-free link with the international airport. ⁇
Mr Rainville, however, said he had on several occasions reminded public officials that it was impossible for him to build a 600 million station without financial assistance. Public officials listened to the call and donated $ 500 million in grants ($ 100 million from the federal government) and subordinated loans ($ 100 million from Investment Quebec and $ 300 million from the Canadian Infrastructure Bank).
In addition, the project had to be completely revised so as to be able to respect the budget, taking into account the strong inflationary pressures. “We have worked with local architects and renowned engineers to optimize the design of the station to minimize site losses and to provide costs while providing quality construction,” he confirmed.
Protected by the Mirabelle pandemic
It should be noted that cargo volumes passing through Mirabell Airport, another part of ADM, were higher in 2021 than in 2019, after a slight decrease in 2020, with this increase being attributed directly to the coronavirus.
“The pandemic is a moment to consolidate its role as a hub for YMX (Mirabell) freight,” said the CEO. YMX is the receiving point for many deliveries of vaccines and medical devices. ⁇
This recovery will clearly not wipe out the devastating results of 2020 and 2021. Mr Rainville recalled that Montreal International Airport was recognized as one of the four Canadian airports in operation for international flights. With a 75% reduction in the number of passengers in 2021 compared to 2019 and the responsibility to maintain all services, ADM claims to have “almost double the cost over revenue”, he argues.
“Even if we stop everything we can, we still have almost half a billion costs. We also donated 140 plants in our offices to reduce housekeeping costs. They went to beautify a palliative care home in Kirkland, ”said Philip Rainville.
Profit increased by 423%
In terms of financial results for the first quarter of 2022, the share of income taxes, financial charges, amortization, depreciation and joint venture (EBITDA) outcomes before 35 million was 45.8 million or 423% higher. 10.8 million during the same period last year.
Consolidated revenues for the first three months of 2022 were 102.8 million, an increase of 63.7 million or 163.0% compared to the previous year, an increase attributed directly to recovery in passenger traffic. Operating expenses reached 47 million, an increase of 10.2 million or 27.7% compared to the same quarter in 2021, which was mainly due to an increase in passenger service fees, also generated by the return of passengers.
ADM’s Chief Financial Officer, Janet Mail, explained that Ottawa did not renew $ 21 million in rental leave in March 2021, from March to December 2020. “That means in this second year of crisis, we will have to pay some amount. Proposed to pay him in 10 equal installments over 10 years.
ADM’s net debt stood at $ 2.43 billion as of March 31, 2022, compared to $ 2.45 billion as of December 31, 2021.