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Changi Airport Group swings from losses of $838 million to FY2023 earnings of $33 million

The Edge Singapore
·1-min read

CAG CEO Lee Seow Hiang expects passenger traffic to reach pre-pandemic levels by 2024.

Thanks to the recovery of traffic, Changi Airport Group has reported earnings of $33 million for the year ended March 23, a sharp swing from a net loss of $838 million suffered in the year earlier. Revenue in the same period doubled to $1.88 billion.

As at March, passenger traffic has recovered to 82% of the pre-pandemic levels.

For the whole of FY2023 ended March, Changi handled 42.6 million passengers, an eightfold increase, reaching 62% of pre-pandemic levels.

Tan Gee Paw, chairman of CAG, calls 2022 a "significant" year of recovery, as borders reopened in Singapore and across the world.

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"CAG prepared well for this and we successfully ramped up operations to meet the increase in passenger numbers," says Tan.

With the planned reopening of Terminal 2 North, CAG will have four fully operating terminals by October.

“Today, not only has Changi maintained its position as the leading air hub in the region, we continue to be recognised for delivering the best airport experience for our passengers," says Tan.

CAG CEO Lee Seow Hiang expects passenger traffic to reach pre-pandemic levels by 2024.

"However, as we approach a return to normalcy, we are cognisant of new frictions and hurdles that can hamper growth.

"These include aircraft availability and long-term changes to travelling behaviour. For these reasons, we remain vigilant and will continue to pave the way forward with our emphasis on sustainable travel and building for the future through innovation," says Lee.

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