Changi Airport Group Reports Strong Financial Performance in FY2023/24
Changi Airport Group (CAG) has announced a robust financial performance for the fiscal year ending March 31, 2024. The airport operator experienced a significant recovery in passenger traffic, with numbers reaching 62.5 million, or 91% of pre-pandemic levels.
This surge in travel demand led to a 45% increase in Group revenue, which reached S$2,727 million. Operating expenses also increased, totaling S$2,233 million, due to the full reinstatement of services and license fees at Changi Airport.
EBITDA for the Group climbed to S$1,205 million, while net profit attributable to shareholders reached S$431 million. CAG’s financial position remains robust, with a solid asset base valued at S$14,347 million and strong liquidity.
The airport operator continues to invest in infrastructure development, including the upcoming construction of Terminal 5. CAG emphasizes prudence and financial stability while investing in the airport’s expansion and maintaining its attractiveness as an air hub.
Mr Lee Seow Hiang, CEO of CAG, said, “FY2023/24 marked a significant milestone for Changi Airport as passenger traffic recovered to pre-Covid levels in the final quarter of the year. 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.”
“While the outlook for aviation is promising and travel demand is on the upward trend, we are cognisant that the industry operates in a highly volatile and fast-changing environment. To stay ahead, Changi Airport will continue to invest to keep its fundamentals strong and to remain attractive as an air hub. This includes 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 CAG to drive Changi’s long-term growth.”
