Changi Airport has reported a “breakthrough year” reporting record passenger numbers and retail sales for the last financial year.
Changi Airport Group’s (CAG) annual report for the financial year ending March 31, 2012, showed the airport handled 48 million passengers, an increase of 12% on 2010/11.
The airport said this was achieved despite “a slowing global economy”.
Lee Seow Hiang, CEO of CAG, added: “During the financial year, CAG achieved breakthrough on both the aeronautical and non-aeronautical fronts, registering all-time highs for passenger traffic and retail sales at Changi Airport. Together with our partners and the airport community, we strengthened our core capabilities and built on our fundamentals to develop a strong air hub, achieve robust commercial operations and deliver an award-winning airport experience.”
Steady demand for air freight in the Asia Pacific allowed Changi to increase cargo by a modest 2.3%.
The airport handled 1.87 million tonnes, adding that it had “come a long way since its humble beginnings in 1981” when it handled just a tenth of that amount – 180,000 tonnes.
Concession sales, meanwhile, rose by a whopping 19%, to a record S$1.75 billion.
The airport said this performance placed it “firmly among the top four airports in the world” in terms of annual retail sales turnover.
CAG achieved a 64.1% year-on-year growth in net profit after tax to S$553 million for 2011/12.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 50.7% to S$930 million.
Lee added: “CAG continued to grow strongly in 2011/12. The pivotal role that our partners play in shaping the success of Changi cannot be over-emphasised.
“Changi Airport’s accomplishments for the year would not have been possible without the support and close-knit partnerships that we share with government agencies, airlines, ground handling companies, concessionaires and many other partners at the airport.”