[SINGAPORE] Changi Airport Group (CAG) saw its net profit almost double to S$841 million for the full year ended Mar 31, up from S$431 million in the year-ago period.
The 95 per cent rise in net profit takes into account “exceptional items”, including non-cash revaluation gains and the write-back of provisions by subsidiaries.
Excluding these exceptional items, it posted a net profit of S$685 million for the full year, the group announced in a bourse filing on Thursday (May 22).
The group’s earnings before interest, taxes, depreciation and amortisation, or Ebitda, rose 22 per cent from a year ago to S$1.5 billion.
Revenue was up 13 per cent at S$3.1 billion, from S$2.7 billion in the previous year, primarily due to an increase in passenger traffic.
“Growth in concession revenue remained subdued as ongoing global economic uncertainties continued to weigh on consumer sentiments and spending,” CAG said.
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Passenger movements reached a record 68.4 million. Meanwhile, air traffic movements totalled 371,000, up 8 per cent from a year ago.
In the previous financial year, passenger movement came in at 62.5 million, while air traffic movements totalled 344,000.
Group operating expenses rose 5 per cent year on year to S$1.6 billion. The group said that despite inflationary pressures, it was able to contain its operating expenses through stringent cost management of core operating and maintenance expenses.
Yam Kum Weng, chief executive officer of CAG, said that the airport’s strong financial performance reflects the improvement in air travel during FY2024. Changi Airport benefited from broad-based traffic growth, as well as the launch of services by new airlines and addition of new city links, he added.
During the year, the group invested close to S$1 billion to refresh and expand airport facilities, as well as to develop Changi East. It also recently broke ground on Terminal 5.
With the global economic environment in flux, Yam said that CAG will focus on improving its operational capabilities and efficiency.
“We will also continue to strengthen our collaboration with the aviation ecosystem partners to deliver the best Changi experience for our passengers,” he added.
