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Fri 27 September 2024
ACSA Holds Annual General Meeting, Declaring Dividends To Shareholders

Airports Company South Africa (ACSA) concluded its Annual General Meeting on Friday 20 September 2024 wherein it proudly declared dividends to the tune of R816 million to investors, making it one of the select few state-owned enterprises to do so in the last five years.

 

The declared dividends comprise R768 million for preference shares and R48 million for ordinary shares, marking a significant milestone in the company's recovery and financial journey.

 

"This achievement places ACSA among the select few state-owned companies in South Africa that have successfully paid dividends to shareholders, underscoring its robust financial health and strategic management. Dividends are a significant source of fiscal revenue to investors, particularly the government which holds more than 74% stake in the company," said ACSA CEO Ms Mpumi Mpofu.

 

ACSA is one of the few state-owned enterprises under Schedule II of the Public Finance Management Act (PFMA) that have been able to pay dividends over the last five years. Since 2019/20 financial year, Schedule II SOEs have paid over R1.3 billion in dividends, with ACSA contributing more than R873 million (including dividend on preference share). Based on the assessment of Annual Reports and Financial Statements, it is unclear whether other SOEs have declared dividends on preference shares.

 

Dividend declared by schedule II SOEs 2019/20 2020/21 2021/22 2022/23 2023/24 Total
R381.5 millionR1 millionR2.1 millionR6.3 millionR914 millionR1.3 billion

NB: the 2023/24 figure includes ACSA's preference and ordinary share dividends.

 

"Declaring dividends to our investors is a testament to ACSA' strong financial performance and our dedication to creating sustainable value. It is a demonstration of an efficient and effective use of public funds to the markets, the public and the government. As one of the few state-owned companies to achieve this milestone, we are setting a benchmark for excellence and financial stewardship of state funds," added Ms Mpofu.

 

SOEs play important roles in the advancement of the country's socio-economic development agenda by providing public goods and services. ACSA is one such SOE that, given its excellent performance and sound governance practices, continues to provide the much-needed capital injection to the national fiscus.

 

At the recent AGM, ACSA board chairman Dr Sandile Nogxina announced his retirement, marking the end of his tenure as a non-executive director of the company. He was appointed to the board on 9 November 2018 and helped steer ACSA during the steep challenges brought on by the COVID pandemic.

 

Dr Nogxina led a board that provided strategic oversight and guidance as the company implemented the Recover and Sustain strategy that resulted in a R7 billion revenue and declaration of dividends to the tune of R816 million for the 2023/24 financial year.

 

ACSA has since transitioned to its new Innovate, Grow and Sustain strategy which positions the company for a sustainable growth and innovation by actively implementing transformative measures to diversify revenue streams, enhance operational efficiency, and reinforce sustainability.

 

Ms Mpofu, has expressed appreciation to Dr Nogxina for his service to the company and the Board, wishing him well in his future endeavours. "We would like to sincerely thank Dr. Nogxina for his contribution during the most difficult time for ACSA." 

 

"He hands over the baton at a time when the company has regained its financial health, reporting an increase in revenue, up 16%, from R6 billion in 2022/23 to R7 billion in 2023/24. We wish Dr. Nogxina well in his future endeavours," she added.

 

Looking ahead, ACSA remains committed to maintaining its trajectory of growth and financial stability. The company will continue to explore new opportunities, invest in innovative solutions, and uphold high standards of service to ensure sustained success and value creation for all shareholders and stakeholders.

 

For media enquiries:

Ernest Mulibana – 082 263 7372

Senior Manager: Corporate Communications

Mediadesk@airports.co.za

 

Issued by Airports Company South Africa

//ENDS//​

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