Cork Airport operator DAA to pay €68m dividend to State after strong 2024

Kenny Jacobs, chief executive of daa at Cork Airport: 'Together, we delivered strong results.' File picture: Brian Lougheed

The operator of both Dublin Airport and Cork Airport, DAA, saw profit after tax increase by 35% to €236m during its 2024 financial year driven by a strong performance in its retail arm and its international business.

DAA’s financial results show that its full-year revenue increased by 9% year-on-year to €1.1bn with reported earnings before various deductions standing at €395m, up 20% year-on-year.

Throughout 2024, it spent €223m in capital investment at the two airports. Its net debt now stands at €685m, down 16% year-on-year.

The board of the State-owned company paid a dividend of €68m back to the Government — an increase from the €31m dividend paid in 2023.

The company mandate is to operate as a standalone commercial business. Aside from Dublin and Cork Airports, it also operates Ari - an airport retail and management company — as well as DAA International — which manages airports in other countries such as Saudi Arabia and Germany.

Last year was a bumper year for Dublin Airport but that wasn’t entirely positive for DAA as it managed 34.6m passengers — a 3.3% increase compared to 2023. This meant that the airport breached its passenger cap of 32m which was set out in its 2007 planning permission.

The courts have put a temporary pause on the passenger cap for this year while the matter is adjudicated.

Basil Geoghegan, chairman of DAA, said Dublin Airport “operates under a complicated, burdensome, and slow planning system” and despite passenger demand “our ability to invest and provide vital connectivity is severely hampered”.

“The current and most immediate restriction is the outdated 32m terminal passenger cap which dates from 2007. It was originally based on long ago alleviated concerns about local traffic infrastructure, a matter over which DAA has no control,” he said.

Cork Airport enjoyed the busiest year for international passenger traffic in its 63-year history, with 3.07m people travelling through it in 2024.

According to DAA, ARI had a “record year” achieving strong growth in revenue and profit across all its locations while its international operations continue to do well.

DAA highlighted its work at Red Sea International Airport and King Abdulaziz International Airport, serving the cities of Jeddah and Mecca in Saudi Arabia, which combined managed 49.2m in 2024.

Kenny Jacobs, chief executive of DAA, said he was pleased with the progress made across all of DAA's divisions.

“Together, we delivered strong results, focused on our passengers and shoppers and embraced innovation to better serve our customers and deliver on our sustainability and growth ambitions,” he said.

“In 2025, we will stay focused on what really matters – delivering an always improving passenger and shopper experience, sustainable growth, efficiency and innovation.”