State-owned Airports Company South Africa narrows loss to R142m, expects profitability by next year.
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GUEST - Mpumi Mpofu - ACSA CEO
Airports Company South Africa (ACSA) has today reported its audited financial results for the year to 31 March 2023, which reflect steady recovery and significant improvement on performance as compared to the previous year. Earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to R2 billion, compared to R342 million in the 2021/22 financial year.
Revenue was R6 billion for the 12-month period, up by 55% from the R3.9 billion reported in the previous financial year. The Group continued to tightly control operating expenditure in increased operating levels, which increased by 10% at R3.5 billion from the previous year’s R3.3 billion.
High credit losses on trade receivables and fair value losses on investment properties, however impacted profitability. This resulted in an after-tax loss of R143 million, which significantly reduced from the R1 billion loss in 2021/22.
ACSA CEO Mpumi Mpofu says, “The results reflect the Group’s steady trajectory towards recovery and a move closer to profitability, following the turbulent trading conditions brought on by the COVID-19 pandemic”.
Airports Company South Africa (ACSA) has today reported its audited financial results for the year to 31 March 2023, which reflect steady recovery and significant improvement on performance as compared to the previous year. Earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to R2 billion, compared to R342 million in the 2021/22 financial year.
Revenue was R6 billion for the 12-month period, up by 55% from the R3.9 billion reported in the previous financial year. The Group continued to tightly control operating expenditure in increased operating levels, which increased by 10% at R3.5 billion from the previous year’s R3.3 billion.
High credit losses on trade receivables and fair value losses on investment properties, however impacted profitability. This resulted in an after-tax loss of R143 million, which significantly reduced from the R1 billion loss in 2021/22.
ACSA CEO Mpumi Mpofu says, “The results reflect the Group’s steady trajectory towards recovery and a move closer to profitability, following the turbulent trading conditions brought on by the COVID-19 pandemic”.
