Airports Company South Africa reports profits with new routes and growth in passenger numbers

Airports Company South Africa reports profits with new routes and growth in passenger numbers

Sept 24, 2016: Airports Company South Africa reported revenue growth of 6.8 percent to R8.3 billion in the year ended March 31, 2016. This growth is driven by the introduction of new routes, growth in passenger numbers and strong performance in non-aeronautical revenue.

Bongani Maseko, chief executive officer of Airports Company South Africa, said the new routes included flights by Kenya Airways to Cape Town International Airport, Ethiopian Airlines to King Shaka International Airport and increased frequency of flights by Emirates Airlines and British Airways, among others. Passenger growth to and from Europe and Asia contributed further to overall performance.

The company witnessed a combined total of 19.4 million departing passengers from the nine airports it owns and operates.

The company continued with its deleveraging strategy and R1.5 billion in debt was repaid during the financial year, which brings the total repaid over the past five years to R7 billion.

Airports Company South Africa met 96 percent of its performance objectives.

The executive team and employees across Airports Company have demonstrated a desire to listen to and respond to the needs of our stakeholders, and this developing outward focus of our culture bodes extremely well for the future, said Maseko.

According to Maseko the ability to develop and maintain strong partnerships with all of its stakeholders are core elements of the Company's new business operating model and central to enhancing its status as a well-run state owned Company.

Maseko concluded, ?Our future outlook will entail a clear and consistent focus on the strategy that we have outlined towards achieving Vision 2025. This process will include the incorporation of the governance framework and operating model and will rely on the continued support of our people and stakeholders as we transition to our new strategy to guide us to 2025 and beyond.

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