The daa which operates Dublin and Cork airports recorded a loss of €284m last year due to the impact of the Covid-19 pandemic.
Passenger numbers at its two Irish airports fell by 78% to just 7.9 million last year, compared to 35.5 million in 2019.
The daa also operates businesses in 15 overseas markets and almost all of the airport retail outlets in Ireland and overseas were closed for extended periods during the year.
Turnover declined by 69% from €935m in 2019 to €291m last year, as the reduction in passengers across all daa’s markets led to a €644m fall in business activity.
“Dublin and Cork airports lost 27.6 million passengers last year, which is more than 5.5 times the population of the State," daa Chief Executive Dalton Philips said.
"The last time that Dublin and Cork airports had fewer than 8 million passengers in a calendar year was in 1994.”
Mr Phillips said it was difficult to make any meaningful forecasts about the outlook for the rest of this year. "There is clearly huge pent up demand for travel, particularly to visit family and friends, but as yet, we have no clear path as to how and when Ireland will exit the current restrictions," he said.
"We also need clarity on the EU Digital Green Certificate and when it will be adopted in Ireland.”
Along with Dublin and Cork airports, the daa runs Terminal 5 at King Khalid International Airport in Riyadh, Saudi Arabia. It also has investments in Düsseldorf Airport in Germany and in Larnaca and Paphos airports in Cyprus.