Changi Airport Group has reported earnings of $431 million for the FY2023/2024 ended March 31, 13.1 times higher than the earnings of $33 million in the year before.
Total revenue surged by 45% y-o-y to $2.73 billion as passenger traffic reached 62.5 million or 91% of its pre-Covid-19 levels for the full year.
In the 4QFY2023/2024, passenger traffic surpassed its pre-Covid-19 levels, says the group. The strong performance in the final quarter was attributed to Singapore’s hosting of major events as well as the liberalisation of visa requirements between China and Singapore.
Air traffic movements stood at 90% of the group’s pre-Covid-19 levels at 344,000 for the FY2023/2024.
Though passenger traffic led to the higher revenue, the total figure was offset by a slower recovery in concessions revenue from lower spending amid inflationary pressures and uncertainty in the global economy.
Expenses rose by 20% y-o-y to $2.23 billion as passenger traffic grew and the airport’s operations across its four terminals were fully restored.
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Ebitda for the full year was up by 60% y-o-y to $1.21 billion.
As at March 31, the group’s cash and cash equivalents stood at $2.12 billion, 33% higher y-o-y.
“FY2023/2024 marked a significant milestone for Changi Airport as passenger traffic recovered to pre-Covid levels in the final quarter of the year,” says Lee Seow Hiang, CEO of Changi Airport Group.
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“The recovery of travel boosted our topline while we continued to exercise prudence with our operating expenses. This has translated into an improved financial performance with higher EBITDA and profit attributable to our shareholder,” he adds.
Looking ahead, Lee announced that the airport will continue to invest in its fundamentals strong and such that it remains attractive as an air hub. The investments include developing Terminal 5, which will begin construction in 2025.
“As we further strengthen our position as a leading international air hub, we acknowledge the collective efforts of the airport community and thank all our partners for working closely with Changi Airport Group to drive Changi’s long-term growth,” he says.
