Changi Airport Group full-year net profit doubles to $841 million
SINGAPORE - Changi Airport Group (CAG) saw its net profit almost double to $841 million for the full year ended March 31, up from $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 $685 million for the full year, the group announced in a bourse filing on May 22.
The group's earnings before interest, taxes, depreciation and amortisation, or Ebitda, rose 22 per cent from a year ago to $1.5 billion.
Revenue was up 13 per cent at $3.1 billion, from $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.
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 $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.
Mr Yam Kum Weng, chief executive officer of CAG, said 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 $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, Mr 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.
THE BUSINESS TIMES
Join ST's Telegram channel and get the latest breaking news delivered to you.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
AsiaOne
9 hours ago
- AsiaOne
Russian plane goes missing in far east with nearly 50 aboard, World News
MOSCOW — Air traffic controllers lost contact on Thursday (July 24) with an An-24 passenger plane carrying about 50 people in Russia's far east, and a search was under way, the regional governor said. The local emergencies ministry said the plane, operated by a Siberia-based airline called Angara, dropped off radar screens while approaching its destination of Tynda, a town in the Amur region bordering China. Regional governor Vasily Orlov said that according to preliminary data, there were 43 passengers, including five children, and six crew members on board. "All necessary forces and means have been deployed to search for the plane," he wrote on Telegram. The emergencies ministry put the number of people on board somewhat lower, at around 40. [[nid:720474]]
Straits Times
2 days ago
- Straits Times
Ukraine's military loses first French Mirage fighter jet in crash
Find out what's new on ST website and app. A Mirage 2000 fighter jet supplied to Ukraine from France crashed on Tuesday after experiencing equipment failure during an assignment, with the pilot ejecting safely, Ukraine's military said. It was the first loss of a Mirage jet since Ukraine's military started receiving them earlier this year. "Equipment failure occurred, which the pilot reported to the flight controller," a military statement said on Telegram. "The pilot then acted competently, as is expected in crisis situations, and successfully ejected. A rescue crew found the pilot in a stable condition. There were no casualties on the ground." Ukrainian news reports said the incident occurred in the northwestern Volyn region. Ukraine's military announced the arrival of the first batch of Mirage aircraft in February. U.S.-made F-16 fighter jets began arriving last year from different countries as Ukraine's Western allies sought to help Kyiv upgrade its largely Soviet-era air force fleet. REUTERS Top stories Swipe. Select. Stay informed. Singapore Two found dead after fire in Toa Payoh flat Singapore Singaporeans aged 21 to 59 can claim $600 SG60 vouchers from July 22 Singapore Singaporeans continue to hold world's most powerful passport in latest ranking Singapore Singapore, Vietnam agree to step up defence ties, dialogue between leaders Asia Malaysia govt's reform pledge tested as DAP chief bows over unresolved 2009 death of political aide Tech Singapore to increase pool of early adopters in AI to complement data scientists, engineers Singapore Prosecution says judge who acquitted duo of bribing ex-LTA official had copied defence arguments Singapore Ports and planes: The 2 Singapore firms helping to keep the world moving
Independent Singapore
2 days ago
- Independent Singapore
CAAS launches S$200M OneAviation Manpower Fund to boost the aviation workforce in Singapore
Depositphotos/brokenrecords SINGAPORE: The Civil Aviation Authority of Singapore (CAAS) has launched a S$200 million OneAviation Manpower Fund to grow the city-state's aviation sector by supporting talent attraction, training, and retention as part of a broader S$1 billion package introduced in March 2025 to drive growth in connectivity, infrastructure, technology, and manpower in Singapore. Currently, over 60,000 workers are employed in Singapore's aviation sector, with the number expected to rise with the opening of Changi Airport Terminal 5 in the mid-2030s, Singapore Business Review reported, citing the Aviation Jobs Transformation Report. However, the report also pointed out that many roles will change. The report listed 31 critical job roles in the aviation sector and said that six major trends — such as automation, AI, and changing customer needs — could transform up to 30% of these jobs in the next five years. To support this transition, CAAS signed agreements with nine Institutes of Higher Learning to build local talent and partnered with AI Singapore, SATS, Singapore Airlines, and Changi Airport Group to strengthen AI capabilities across the sector. /TISG Read also: Will Cathay Cineplexes soon bid its final farewell amid millions in debt? Featured image by Depositphotos (for illustration purposes only) () => { const trigger = if ('IntersectionObserver' in window && trigger) { const observer = new IntersectionObserver((entries, observer) => { => { if ( { lazyLoader(); // You should define lazyLoader() elsewhere or inline here // Run once } }); }, { rootMargin: '800px', threshold: 0.1 }); } else { // Fallback setTimeout(lazyLoader, 3000); } });
