On Tuesday, airport operator Fraport announced record sales and operating profit for 2023, a performance that nevertheless failed to impress the market.

The German group reports that earnings before interest, taxes, depreciation and amortization (Ebitda) climbed by 16.9% to 1.2 billion euros last year, a figure broadly in line with analysts' expectations.

Sales, meanwhile, rose by 25.2% to just under four billion euros, while cumulative passenger numbers at Frankfurt airport jumped by 59.4 million last year.

For 2024, Fraport expects passenger traffic at Frankfurt Airport to come in at between 61 and 65 million passengers.

The Group's Ebitda is expected to come in at between 1.26 and 1.36 billion euros this year, against an average consensus forecast of 1.35 billion.

Given its high level of debt and negative free cash flow (FCF), the airport operator still has no plans to pay a dividend.

On the Frankfurt Stock Exchange, Fraport shares fell by 4.5% on Tuesday morning following this publication.

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