Ghana Airports Company Makes Profit

Charles Asare – Acting MD, GACL

Charles Asare – Acting MD, GACL

Charles Asare – Acting MD, GACL
Ghana Airports Company Limited (GACL) has announced its return to profit on the back of improved revenues and effective management, recording a net profit of GH¢19.1 million for the year ending December, 2013.

The company’s fortunes are up from a loss of GH¢84.2 million in 2012.

Charles Asare, acting Managing Director, GACL, who was speaking at the company’s second Annual General Meeting (AGM) in Accra, said aeronautical revenues for 2013 rose to GH¢287,525, an increase of 37 per cent over the 2012 figure of GH¢63, 875.

This was the result of monies accrued from the Airport Passenger Service Charge (APSC), as well as favourable exchange rates.

Effective December 2013, the GACL began retention of the full amount of the APSC in line with government policy, which was passed in May 2013.

The company is negotiating with the Ghana Revenue Authority (GRA) to reconcile the accounts between May and December 2013 when they continued to receive on 40 per cent.

Non Aeronautical revenue on the other hand, grew marginally by only 2.83 percent from the 2012 figure of GH¢24,369 to GH¢25,062 in 2013.

This minor increase was from revenue collected from car parks, which increased by GH¢0.8million and rental income, by GH¢0.3million.

Royalties, however, decreased by GH¢0.5million from GH¢15 million to GH¢ 14.5 million in 2013.

Total expenses for the year ended 2013, including a depreciation of GH¢27,389, was GH¢96,196 down from a total of GH¢179, 474 (including depreciation of GH¢127, 492) in 2012.

Mr. Asare noted that the favourable operational and financial results of the company was in line with positive growth in the aviation industry in general and Ghana in particular, adding that GACL believed the growth in the sector would continue and were developing appropriate strategies to address the challenges and opportunities of the industry.

In the year under review, international aircraft movement improved by 6.1 percent to 23,437 from 22,082 in 2012.

This was as a result of the operations of new entrants and increased flight frequencies by a number of existing airlines at the KIA, and in spite of the suspension of operations by some.

Domestic aircraft movements saw a faster growth of 28.9 percent in 2013 to 18,497 from 14,352 in 2012 attributable to growing demand hinged on reliable air service and competitive values as compared to road transport.

This was evident in the increase in domestic passenger throughput by 43.3 per cent to 780,000 in 2013 from 540,000 in 2012.

There was, however, a drip in international passenger traffic by 3.3 percent from 1.72 million in 2012 to 1.67 million in 2013.

Some of these were installation of new check in desks at the departure hall, new baggage handling carousels, X-ray and screening equipment, as well as the initiation of a CCTV installation project at the KIA expected to be completed by end of 2014.


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