Queenstown Airport has released its financial report for the 12 months to 30 June 2024, which shows a strong operating performance.
FY24 snapshot
- Revenue of $64.7 million
- Normalised profit of $23.2 million
- Earnings before interest, tax, depreciation and amortisation (EBITDA) of $46.2 million
- Total annual dividend to shareholders of $19.6 million
- Scheduled aircraft movements totalled 18,388
- Passenger movements totalled 2,487,610
- $150,000 contribution to the community through QAC's partnership programme
- Master Plan completed
- Development planning under way.
“It has been another positive year, with record revenue and
passenger numbers,” Queenstown Airport Corporation Board Chair Adrienne
Young-Cooper said. "The results confirm the company's strong recovery from the pandemic and are in line with forecast activity levels."
Demand for seats on trans-Tasman flights was particularly noteworthy,
while domestic demand remained steady.
“We know those flights bring many social and economic benefits for
the people and businesses of the Southern Lakes region. Furthermore, they
enable us to make a meaningful financial contribution to our community.”
Mrs Young-Cooper announced the board of directors has approved a
total dividend for the 2024 financial year of $19.6 million – the highest
the company has ever paid. An interim dividend of $5.3 million was paid to
shareholders in February, and the remainder will be distributed this month.
The Queenstown Lakes District Council holds 75.01% of QAC shares,
so its portion of the annual dividend is $14.7 million, which equates to about
$485 per ratepayer.
“Since the COVID-19 pandemic, we have delivered more than $35 million
in dividends,” Mrs Young-Cooper said. “We are pleased to be in a position to
pay a higher than normal dividend this year ahead of significant investment in
our infrastructure.”
Chief Executive Glen Sowry said a highlight of the year was the
completion of a Master Plan, which will guide considerable investment in infrastructure
at Queenstown Airport over the coming decade.
“We do not underestimate the responsibility we have in
managing such an important community asset and we are confident our plan
strikes the right balance between investing in the future and protecting what
makes Queenstown Airport and our region unique.”
A substantial programme of work to create detailed
development plans for the airfield, the terminal, the landside spaces around
the terminal, and services and utilities is now under way.
“The resultant capital works programme will be the largest
ever undertaken at Queenstown Airport,” Mr Sowry said.
“It will be
challenging to manage the complexities of this while normal operations continue,
but we have our sights fixed firmly on delivering a world-class outcome. We
will use innovation and carefully considered design to develop an efficient,
customer-focused airport that reflects this beautiful region well, and meets
the needs of its population far into the future.”
The first
major project arising from the Master Plan is the installation of an engineered materials arresting system (EMAS) at
either end of the main runway, which is to begin late this month.
“We are
proud to be the first airport in New Zealand and Australia to install this innovative
safety technology, which exceeds compliance with civil aviation regulations and
is a tangible demonstration of our determination to surpass expectations,” Mr
Sowry said.
Other projects
to make the best use of the existing facilities and to improve the customer
experience are also being delivered.
During
FY24, extra self-service technology was installed and passenger screening
capacity was increased with the addition of a fourth lane.
The opening
of Provenance, a new cafe and bar with a courtyard that opens up to the airport
forecourt, has expanded the food and beverage offering and provided extra
landside seating.
The
international departure lounge has been upgraded, with new furniture including
seating for an addtional 60 people, as well as workstations.
A bathroom
refurbishment programme is under way.
“We are
also putting considerable effort into upgrading the heating and cooling system,
minimising waste, boosting electrical capacity, supporting biodiversity
projects, and other sustainability initiatives,” Mr Sowry said.
The
company’s annual general meeting will be held in October, when the board and
executive team will report on the past financial year, as well as providing an
outlook for the year ahead.
Mrs
Young-Cooper will retire from the board after the AGM, having served the
maximum two terms.
The full annual report is available to download here.
Queenstown Airport will release a Sustainability Report,
incorporating climate-related disclosures, later this year.
