Performance Headlines:
- Revenue up 16%, from R6 billion in 2022/23 to R7 billion in 2023/24
- Profit before tax R1.4 billion, a significant improvement from a loss of R246 million in 2022/23
- Profit after tax R472 million, recovering from a loss of R466 million in 2022/23
- Gearing decreases to 17% from 24%
Airports Company South Africa (ACSA) is excited to report a robust and pleasing financial performance for the 2023/24 financial year, posting an impressive after-tax profit of R472 million.
Despite operating in a relatively challenging global economic environment, ACSA’s revenue increased by 16% to R7.0 billion from the R6.0 billion reported in the previous financial year, with earnings before interest, tax, depreciation, and amortisation (EBITDA) increasing by 51% to R2.9 billion (2022/23: R1.9 billion).
The company prudently contained the total operating expenditure with the return to normal operating levels, increasing by 13% to R4.1 billion (2022/23: R3.6 billion). The primary contributors to the increase in operating expenditure were maintenance, security, utilities, cleaning and employee costs.
Employee expenditure increased by to R1.6 billion (2022/23: R1.2 billion). This is due to progress on filling vacancies created by the Staff Cost Reduction Programme, introduced in 2020, and restoration of some employee rewards and benefits.
Credit losses on trade receivables were significantly lower, and the Group's investment property portfolio benefited from fair value gains. These factors positively contributed to the first after-tax profit of R472 million since the 2020 financial year, compared to a loss of R466 million in 2022/23.
Aeronautical revenue improved by 21% to R3.6 billion (FY2022/23: R3.0 billion). The 8% increase aircraft movements, 16% increase in number of departing passengers and 4.4% inflationary tariff increase contributed to this performance.
Similarly, non-aeronautical revenue performance benefited from the improved trading conditions, increasing by 12% to R3.4 billion (2022/23: R3.1 billion). The bulk of this income was derived from retail activities (R1.1 billion) and property rentals (R924 million).
The transition from the Recover and Sustain Strategy to the Innovate, Grow, and Sustain Strategy, as well as the revised Financial Plan, provided a structured management approach and a means of resourcing the business in a way that has enabled the Group to secure and safeguard its long-term sustainability.
Capital expenditure was limited to airport maintenance, refurbishments and rehabilitation, and efficiency and technology-related projects. A total of R568 million (FY2022/23: R422 million) was spent on those projects.
The annual financial statements have been audited by the group's auditors, Auditor-General South Africa, who expressed an unqualified opinion thereon. The annual financial statements, including the audit opinion and key audit matters, can be found on the group's website at https://www.airports.co.za/business/investor-relations/financial-information
For media enquiries:
Ernest Mulibana – 082 263 7372
Senior Manager: Corporate Communications
Mediadesk@airports.co.za
Issued by Airports Company South Africa
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