ACSA back to making a profit in the aftermath of COVID-19 pandemic
Airports Company South Africa has made a comeback after 3 years, making a profit and increasing its revenue to R7 billion.
JOHANNESBURG - After three successive years of losses, Airports Company South Africa (ACSA) has returned to profitability, recording an after tax profit of R472 million.
The company, of which about third (74.6%) is owned by the government, recently published its audited results for the 2023/24 financial year.
ACSA owns and operates nine airports in the country, including the three international gateways, OR Tambo, Cape Town, and Durban International Airports.
Like most airport management companies across the world, ACSA was heavily impacted by the COVID-19 pandemic.
The government ordered lockdowns and restrictions on international travel, among other issues, saw ACSA recording a loss between the 2021 and 2023 financial years.
However, it seems the company has made a comeback, making a profit and increasing its revenue from R6 billion to R7 billion.
The 2023/24 financial year has also seen the company increase its employee expenditure due to filling vacancies created during the retrenchment period in 2020.
However, concerning for the airports group will be the increase in irregular expenditure from R289 million last year to R325 million.