Malta International Airport plc (MIA) has updated its six-year investment programme, with it now totalling €250 million for the period covering 2023 until 2028.

The airport campus upgrade was first announced in January, and it was initially set to require a total investment of approximately €175 million.

The new investment programme, announced on Wednesday, is set to deliver a number of upgrades, allowing MIA to operate in a more efficient and safer manner, even as it handles what it described as “record passenger numbers” and also works towards reaching environmental targets.

Speaking during the announcement of the programme on Wednesday, MIA CEO Alan Borg stated that the airport is set to welcome a total of 7.8 million passengers by the end of 2023, confirming projections from earlier this month.

The two most significant investments that are poised to contribute to smoother operations are the ongoing construction of Apron X and the Terminal Expansion Project.

The initial phase of the Terminal Expansion Project has already commenced, with ongoing works on a 1,550-square metre westward extension. MIA stated that this project will create space for additional immigration desks on arrival, a reconfigured baggage reclaim area, as well as the development of a new Schengen arrivals route.

The Apron X project will see the development of an area of around 100,000 square metres to improve the airport’s aircraft parking capacity and its ability to better handle mixed-fleet operations. Earlier this year, MIA had stated that the project is on track for the first three parking stands to be in operation by summer 2024.

Another key element of the investment programme is sustainability, with a three-megawatt peak photovoltaic farm set to be installed, raising MIA’s clean energy generation capacity from 30 per cent to 70 per cent. There will also be an overhaul of the airport’s heating, ventilation, and air-conditioning (HVAC) systems, allowing the company to save around two million kilowatt hours of energy annually.

Additionally, the programme will also see an upgrade to MIA’s VIP product, with the La Valette lounge at departures set to be extended in order to better accommodate the increasing number of guests. The VIP Terminal will also be undergoing an overhaul, elevating the offering for guests seeking “added privacy and convenience” by travelling through this separate building.

Tourism has experienced a surge in performance following the COVID-19 pandemic, with various airports and airlines across the world experiencing pent-up demand throughout 2022 and 2023.

During the first nine months of 2023, MIA recorded a pre-tax profit of €49.9 million, 47.7 per cent more than the figure from the same period last year. Revenues for the reporting period amounted to €91.6 million, a much-improved performance when compared to the €66.5 million registered in the opening nine months of 2022. These improved results prompted MIA to revise its guidance for the rest of 2023, with it now expecting revenue to reach €118 million.

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