Aer Rianta International profits soar
Published 23/11/2016 | 02:30
Middle Eastern promise delivered for duty-free kings Aer Rianta International last year, with pre-tax profits up 10.5pc to €23.7m.
New accounts lodged by the DAA Shannon-based subsidiary show that its Middle East business delivered the largest slice of revenues, amounting to €17.8m in 2015.
The Middle East business accounts for 54pc of overall revenues at Aer Rianta International (ARI) and helped to increase overall income by 5pc, going from €31.4m to €32.94m.
Aer Rianta International Middle East (ARIME) is the biggest international duty-free operator in the region with business interests in Bahrain, Qatar, Beirut, Muscat and Cyprus.
The ARI subsidiary offers both airport retailing and airport operational management consultancy expertise to the airport industry across the Middle East. Its business interests include shareholdings and retail management contracts, concessions, supply contracts and equity investments.
Results were helped by a new seven-year contract to operate a duty-free concession at Auckland Airport in New Zealand, which commenced trading last year.
ARI, headed by ceo Jack MacGowan, also has interests in duty-free outlets at Delhi in India, at Montreal, Ottawa, Halifax and Winnipeg airports in Canada and in Ireland at Dublin and Cork airports.
The firm’s revenues last year were made up of €15.4m in dividends from subsidiary undertakings; €8.7m in dividends from associate undertakings and €8.7m in management fees.
At the end of last year, the firm was sitting on accumulated profits of €280m. The firm’s cash increased from €14m to €19.38m.
The accounts show profits were hit by €1.126m in restructuring costs during the year.