Changi Airport Group generated total revenue of $1.393 billion around double the $698 million in FY2021/22. The airport returned to profit in the FY2022-23 by focussing on driving operational transformation and keeping service levels high.
Despite doubling total revenue, Changi increased total expenses by just 21%, leading to EBITDA (earnings before interest, tax, depreciation and amortization) of $555 million, compared to $172 million FY2021/22. The group returned to profitability with a net profit attributable to the shareholder of the company of $24 million compared to a loss of $620 million in the previous twelve months.
In FY2022/23, the airport handled 42.6 million passengers with an increase of 62% while aircraft movements totalled 257,000 increasing 67% of pre-COVID levels. Compared to the previous financial year, passenger numbers increased eightfold while aircraft movements doubled.
Singapore relaxed border restrictions in April 2022, Changi reached 82% of pre-COVID levels by March this year.
Commenting on the results Lee Seow Hiang, CEO, Changi Airport Group said: “Leveraging the current growth momentum, we are optimistic that passenger traffic can reach pre-COVID levels by 2024. However, as we approach a return to normalcy, we are cognisant of new frictions and hurdles that can hamper growth. Amid stiff challenges to secure the necessary manpower resources, we stayed agile and focused on driving transformation to strengthen our operational capabilities and keep service levels high.”
The airport claimed that the team worked hard to reopen the terminals in a timely manner and to rebalance airlines across the four terminals to optimize the airport’s operations
“Those frictions and hurdles include the growing issues around aircraft availability and long-term changes to traveling behavior. On the latter point, Changi said it will continue to pave the way forward, emphasizing sustainable travel and building for the future through innovation,” Hiang added.
To meet the growing passenger traffic throughout the year, the airport reopened the refurbished southern wing of Terminal 2 and Terminal 4 to meet the demand by increasing operating, maintenance and personnel costs in line with the extra traffic.
Going ahead, Changi is planning to reopen Terminal 2 North and have four fully operating terminals by October this year.
On sustainability front, Changi’s fuel hydrant system is capable of delivering sustainable aviation fuel to aircraft at their stands.
