400 million euro investment, by the end of 2021Corfu Airport

Sort info about fraport

CEO: Stefan Schulte (Sep 1, 2009–)

Headquarters: Frankfurt, Germany

Revenue: 2.935 billion EUR (2017)

Number of employees: 20,673 (2017)

Founded: 1924

Despite the difficulties, the management stocktaking of the 14 regional airports controlled by Fraport, seems to be positive during the first year.

The company will proceed to a 400 million euro investment, by the end of 2021, and the passengers seem to be satisfied. Stephan Sulte has already managed to bring «quick profits». The president of the Administrative Council of Fraport AG, which operates the Frankfurt airport, does not refer to profits as Euros and Cents, but as a rapid progress in the first works, so that the 14 Greek regional airports can upgrade their functionality. Fraport gained control of their management one year ago.

The changes were minor but managed to gain the impressions: new doors for the toilets, vehicles for the airport fire brigade or network services.

By investing a little money, the company managed to restore the old airport facilities, such as Chania, Zakynthos and Heraklion.

A major rise in the job vacancies

The company which was introduced to the Frankfurt stock market, must now prove to the Greek public sector, that the ambiguous, for most Greek citizens, concession of the airports, will not only benefit the company, but will also contribute to the improvement of the amenities and at the same time the override of the Greek crisis. The price that Fraport and Slentel, of Kopelouzos interest, paid to the Greek nation was 1,2 billion Euros for the management of the 14 airports for the next 40 years. Three of them are located in the mainland and 11 on islands visited by thousands of tourists. The first business year offered some really good news to Fraport.

The number of passengers raised by 10% and reached 27,6 million people, the turnover exceeded 235 million Euros. The company employs 550 people, and this number will rise dramatically within this year. However, the biggest investing part, for the director of Fraport in Greece, Alexander Tsinel and his team, is arranged for the near future.

By 2021, the company will have invested 400 million Euros, and the biggest part will be given to the airports of Thesaloniki, Corfu airport, Kefalonia, Lesvos and Kos. At the end of the investment, there will be a 50% raise in the area of the Terminals, which means 300.000 m2. At the same time, the processes of the boarding and disembarking control will be improved so that a bigger number of travelers will be served, as Stephan Soulte promised.

Passenger satisfaction and tourist sector 

All these are not as ideal as they seem.

The first year had many problems as well, because many unexpected difficulties arouse in the upgrade of the airfield of the «Makedonia» airport, but mainly because of the conflicts with the minister of amenities, transports and networks, Chris Spirtzis, who accused Fraport, in September 2017, of delaying the restoration work of the existing amenities and investments. However, the president of the executive council of Fraport, Stephan Soulte, is satisfied. «We are within our schedule, our plans have been approved by the responsible services and we hold in our hands the first construction permit». The tourist sector monitors the developments with positive comments.

Giannis Kapasalakis, manager of one of the best travel agencies in Kos, is satisfied. «We must not forget that Fraport did not have sufficient time to start everything from scratch, as some hoped» stated G Kapasalakis to the German news agency. «In the summer months, the airports must operate continually, so there are not a lot of opportunities for restorations». In other words, the restorations must take place more slowly in several stages. «However, Fraport managed to improve the airfield in Kos and create a bigger parking area for the airplanes».

The report of the works which took place in winter is positive and has been noticed by the travelers. «Just one year ago, it was impossible to use the toilet facilities of the airports in Chania because of the dirt» Marianna Kefer, who spends her holidays in Greece every year and lives in Athens, states. «Today the problem does not exist». A «quick profit» for Fraport and the passengers.