The Cochin International Airport Limited (CIAL), the first Public- Private sector partnership initiative in India’s aviation history has recorded a net profit of Rs 267.17 crore in the last financial year. As per reports, the historic feat in the operating profit of CIAL is Rs 521.5 crore for 2022-23. The director board meeting of CIAL, chaired by Mr. Pinarayi Vijayan, Chief Minister of Kerala, who serves as the chairman of the company, officially approved the balance sheet for the financial year 2022-23 in this regard recently.
The board also proposed a dividend of 35% to the investors, the highest ever offered in its operational history of 25 years, subject to the approval of the AGM to be held on September 28. The total revenue soared to Rs 770.90 crores in 2022-23 from ₹418.69 crores in 2021-22. The resultant Operating profit comprising depreciation, tax, interest, etc was Rs 521.50 crore, and after deduction the Net Profit isRs 267.17 crores in the year 2022-23. The Cochin International Airport handled a total of 89.29 lakh passengers and 61,232 flights during that time. The net profits of CIAL’s wholly-owned subsidiaries also increased in the last financial year.
In a press communiqué, Cochin International Airport Limited (CIAL) has said it will commission five mega projects this year, including a new import cargo terminal, by September 2023.
The airport had logged a loss of ₹85.10 crore during 2020-21 but made a strong comeback from the emergency created by the COVID-19 pandemic by focusing on generating new revenue streams from the non-aero sector and undergoing major financial restructuring. As a result, the consolidated financial performance of the CIAL group of companies increased, resulting in a record profit (after tax) of Rs 267.17 crore from the huge loss. The airport then registered a profit of ₹22.45 crore during 2021-22. This was made possible by the activation of new revenue streams and major financial restructuring, said the CIAL communication. During the year 2022-23, CIAL registered a turnover of ₹777.90 crore as against the previous year’s ₹418.69 crore. CIAL handled 89.29 lakh passengers and 61,232 aircraft movements during the period under review. CIAL is India’s only airport to turn profitable post-Covid pandemic and the net gains are on the widest scale seen in its 25-year history.
The CIAL board decided to implement projects to achieve a turnover of Rs 1,000 crore during the current silver jubilee year and approves plans to invest in new projects to take the total turnover of the airport to ₹1,000 crore.
Approving the blueprint for the future infrastructure development plan, CIAL said the new import cargo terminal, aiming to achieve an increase in cargo handling capacity of 150%, is planned for inauguration by September this year.
The director board meeting has also decided to commence five mega projects in September including foundation stone laying for the expansion of Terminal 3, commissioning of the new cargo terminal, a tourism project at the CIAL Golf Course, inauguration of a transit accommodation facility at Terminal 2 and a commercial zone near Terminal 3. Of this, the expansion of Terminal 3 alone is estimated to cost Rs 500 crore; the beginning of city-side infrastructure projects and completing the projects in a time-bound manner. The meeting was attended by Mr.P Rajeev, Minister for Industries, Kerala; Mr. K Rajan, Minister for Revenue, Kerala; Mr. VP Joy IAS, Chief Secretary of Kerala; directors Mr. EK Bharat Bhushan, Mr. MA Yusuff Ali, Mr. NV George, Mr. P Mohammadali, Mr. EM Babu, Mr. S Suhas IAS, Managing Director and Mr. Saji K George, Company Secretary of CIAL.
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