DAA Posts Strong Annual Performance Despite Headwinds; More than Doubles Yearly Dividend to State

Daa – the operator of Dublin and Cork airports – has reported a strong year’s performance for 2024; with net debt falling and revenue, profit and dividend payment to the State all rising.

The company generated revenues of €1.1bn last year; up 9% on the previous 12 months. Profit after tax was up 35% at €236m and net debt fell by 16% to €685m. Daa also increased its yearly dividend payment to the State by 119%, with €68m paid for 2024, compared to €31m in 2023.

Dublin Airport handled 34.6 million passengers, 3.3% up on 2023 levels; while Cork airport enjoyed its busiest year on record, with almost 3.1 million passengers passing through its doors.

Daa Chief Executive, Kenny Jacobs said: “As we look back on the past year, I’m very pleased with the progress we’ve made across Dublin and Cork airports, ARI and daa International. 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. In 2025, we will stay focused on what really matters – delivering an always improving passenger and shopper experience, sustainable growth, efficiency and innovation.

“As we look to 2025 and beyond it is clear that international connectivity has never been more critical as tariff, cost, economic and slow planning headwinds threaten Irish tourism and exports. Though the courts have put a temporary pause on the passenger cap, continuing uncertainty has resulted in Ireland being the only top-20 European country whose air travel showed a decline in scheduled capacity in Q1 2025.  While we are encouraged that Government is saying they are determined to act with urgency, the risk to jobs, tourism and the economy remain while we cannot get on and build.”

Peter Dunne, Group Chief Financial Officer, emphasised the Group’s financial performance: “The Group produced a strong financial performance throughout 2024, delivering increased turnover and EBITDA with good margin growth and strong cash generation. The overall increase in passenger numbers in 2024 drove a significant improvement in turnover, EBITDA and profit after tax, when compared with 2023. Looking forward to 2025, we anticipate continuing strong passenger flows and activity levels across our business which will support the increased level of operational expenditure and capital investment required to enhance the product for the travelling public and the airlines that use our facilities.”

Basil Geoghegan, Chair, commented on the challenges faced by daa due to unwarranted constraints: “Dublin Airport operates under a complicated, burdensome, and slow planning system. Despite passenger demand and stated Government policy, our ability to invest and provide vital connectivity is severely hampered. The current and most immediate restriction is the outdated 32 million 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.

“I would like to thank the daa Board, Executive team, management and our colleagues, in every role across the business around the globe, for their hard and successful work in 2024. Through their commitment, we have enhanced the airport and retailing experience for our passengers, fulfilling our Shareholder’s goals.”