Lithuanian Airports to transfer record dividends to the state budget

In 2017, Lithuanian Airports enjoyed record numbers of passengers and this year they will submit the largest contribution to the state budget in the company’s history. It amounts to 3.4 million EUR, which is 1.7 million EUR more compared to the year before.

According to Tomas Krakauskas, Chairperson of the Board of Lithuanian Airports, the company’s performance is improving with each year, thus creating benefit for the state. It also proves that continuous improvement of process efficiency brings good results.

“Dividends amounting to 3.4 million EUR will be transferred to the state budget based on the performance of all three airports in 2017. This amount resembles 138 percent of the net profit accumulated in 2017. The amount of dividends exceeds the annual profit due to the company’s retained earnings reserve from the previous years,” explains Tomas Krakauskas.

Based on the audit data, net profit of Lithuanian Airports for 2017 amounted to around 2.5 million EUR. Dividend amount for 2017 is almost 98 percent higher compared to 2016 when it exceeded 1.7 million EUR.

Marius Gelžinis, CEO of Lithuanian Airports, believes that such solid financial return would not have been possible without the impressive results achieved in 2017.

“Last year we increased passenger traffic by one-tenth and the number of flights increased by 5 percent. We expect to maintain consistent growth this year and we hope that the number of passengers who use Vilnius, Kaunas, and Palanga airports will increase to 6 million. Such growth will result in increasing dividends, which will be significant to the state treasury,” assures Marius Gelžinis.

In 2018, net profit of Lithuanian Airports, the company uniting all three Lithuanian airports, is forecasted to reach around 6.2 million EUR. This way the state budget would receive almost 5 million EUR in dividends.

About Lithuanian Airports

The Lithuanian airport network includes three airports in Vilnius, Kaunas, and Palanga. During 2017, they serviced 5.2 million passengers and 55 thousand flights. During the summer season, 17 airlines organize direct flights in 79 regular directions to 67 cities in 29 countries. Based on data of the Airports Council International (ACI Europe), Lithuanian Airports contribute to the Lithuania’s GDP by 2.5 percent.

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