Ghana Airports Company limited said it will be looking at some innovative ways to help reduce its cost of operation and boost its revenues after recoding a 13% decline in its revenues last year.
This was revealed to JoyBusiness at the company’s annual general meeting held in Accra.
Despite recording a profit, the report indicated that the profit had dipped from GH₵177.2 million a year to GH₵154.0 million representing a drop of 13% resulting from increased expenditure in the year.
Although core revenues had increased by 12%, it eroded by the 38% increase in expenses during the period.
Subsequently there was a presentation of the financial report of the company and its subsidiaries for the year ended 2016.
Highlights of the company’s 2016 financial report showed that overall; the company was in a good financial position.
The fifth annual general meeting of the Ghana Airports company commenced with the swearing in of a new board.
Board Chair of the Ghana Airport Company, Oboshie Sai Cofie, assured there will be changes with the company’s activities to bring down expenditure.
She said, “Over the period, expenses went higher which affected the profits so our focus is going to be to try and decrease those expenses as much as possible as we push to increase the scope of business of the airport generally.”
Mrs Sai Cofie said, “We are working hard to expand the business and commercial aspects of the Airport Company nationwide”
“We do believe that we will drive the policy of bringing a new national airline, and trying to make the Kotoka International Airport into a hub in the sub region, we believe that it will generate a lot of revenues for the country,” she said.
The report also showed that aircraft movement for 2016 also saw a decline of 3.3% compared to the year 2015 due to a drop in domestic airline movement.
However, the Managing Director of Ghana Airports Company, John Dekyem Attafuah, said the situation has improved significantly upon the scraping of the VAT on air tickets.
He said the company has improved safety and security measures at the Airports as well as generate extra income from improved aeronautical and non-aeronautical revenues over the period.
This year marks a decade since the Ghana Airports Company limited was decoupled from the Ghana Civil Aviation Authority in 2007.