Moscow Sheremetyevo International Airport reports revenue decline

Moscow Sheremetyevo International Airport reports revenue decline

JSC SIA, the operator of Sheremetyevo International Airport, recorded revenue of 10.355 million rubles for the first six months of 2020, when air travel declined sharply worldwide due to COVID-19 pandemic. This was a decrease of 44.2% compared to the same period in 2019.

Aviation activities declined by 47.6%, and non-aviation activities declined by 39.1%. The income from concessions decreased by 18.9%. The growth in cost of sales was 19.8%, associated with an increase in maintenance and amortization costs of the new Terminal C and concession facilities.

Gross income for the period was 3,050 million rubles, which is 75.5% lower than for the same period in 2019. The decrease in revenue and negative exchange rate changes were the major factors that produced a net loss of 1,157 million rubles in the first half of the year.

The results were presented to the Board of Directors at a regular meeting conducted remotely on August 26, at which the financial statements for the First Quarter of 2020, which were prepared in accordance with Russian Accounting Standards (RAS), were approved.

Key Indicators of JSC SIA
Description of the indicator First half of the year Changes
2019 2020 %
Passenger Flow 23,403,600 9,769,228 – 58,3
Revenue (millions of rubles) 18,571 10,355 -44,2
Net profit (millions of rubles) 10,870 -1 157 -110,6
Cost of sales (millions of rubles) 6,097 7,305 19,8
Gross income (millions of rubles) 1, 474 3,050 -75,5

The Board of Directors voted to convene the annual general meeting of shareholders of JSC SIA on September 30, 2020, and approved the agenda of the meeting.

The board also approved the composition of the new 12-member Board of JSC SIA. Members were elected for the period from 1 September 2020 to 31 March 2022, in accordance with the Charter of JSC SIA.

JSC SIA Board of Directors members are: Chairman A.A. Ponomarenko; Member A.I. Skorobogatko, General Director of JSC SIA M.M. Vasilenko, President of Sheremetyevo Holding LLC R.N. Zinovyev, First Vice-President – Investment Director of Sheremetyevo Holding LLC A.S. Smagin, Head of the Business Consulting Department of the autonomous non-profit organization Analytical Center Under the Government of the Russian Federation” L.R. Nisenboim, Deputy Head of the Federal Agency for State Property Management I.S. Petrov, Deputy Minister of Transport of the Russian Federation A.A. Yurchik, and Head of the Federal Agency for State Property Management V.V. Yakovenko.