Yesterday (September 15), Airports Company South Africa announced its financial results for the year to March 31, 2022, which reflect its difficult operating environment following the COVID pandemic and last year’s July unrest.

Revenue was R3.9 billion (€221,5mn) up by 81% from R2.2 billion (€125mn), while losses were narrowed to R1 billion from R2,6 billion the previous year.

CEO, Mpumi Mpofu, said even though the year’s performance had been much better than the previous year, the tough operating environment had slowed recovery, but had been supported by a gradual and intermittent recovery in passenger numbers.

“As severe travel restrictions began to be lifted both at home and abroad, the demand for air travel increased. The Acsa network recovered to 49% of its pre-COVID passenger throughput by March 31, 2022. In contrast, international traffic, hampered by the impact of the Omicron variant in the third quarter of the financial year, only recovered to 28% of its pre-pandemic level.” 

Aircraft landings increased by 105% from 86 434 to 176 816, while departing passenger numbers improved by 131% from 4.6 million to 10.5 million.

Mpofu said aeronautical revenue had improved by 121.7%, from R810 million (€46mn) to R1.8 billion (€102,2mn) due to the increase in aircraft landings and departing passenger numbers.  

The capital and operational expenditure reduction programme introduced in 2021 to sustain operations had enabled the company to meet liquidity challenges and maintain low levels of borrowings and it will continue monitoring the local and international business environment to determine appropriate responses to challenges and ensure long-term financial sustainability.