Ghana Airport Company’s profit declines by 43% in 2017
The Ghana Airport Company Ltd (GACL) recorded a 43% decline in its profit for the year 2017.
Profit after tax by the Ghana Airports Company Limited as of 2017 stood at GH₵87million compared to GH₵153 million in 2016.
Speaking at the 6th Annual General Meeting of the GACL, Managing Director John Attafuah said moving forward, they are taking steps to have their accounts prepared in dollars.
Mr Attafuah said, “The company continues to operate profitably with a performance of about GH¢87 million profit before tax, which is lower by 43% compared to the previous year. Essentially, operational cost and currency exchange losses attributed to lower profit.”
“That is why moving forward we have written to the Ghana Revenue Authority to allow us to prepare our financials in dollars. this will help in reflecting the true value of our activities,” he explained.
Air traffic movement
Overall Air traffic movement for the year 2017 was 39,217 indicating a 7.9 per cent increment from 2016 number of 36, 354.
This according to the Airports Company was as a result of an increase in international and domestic movement in 2017 following the entrance of Air France and Mid Africa as well as the extension of routes by domestic carrier Africa world airlines and increased frequencies by Air France and Tap Portugal.
Passenger
Passenger throughput showed an improvement of 5.3% in 2017 compared to 2016, growing from 2,381,917 in 2016 to 2,509,339.
The increase was as a result of the removal of Value-Added Tax (VAT) component from domestic airfares in the first quarter of 2017.
Promotional fares introduced by some airlines in 2017, further enhanced passenger numbers.
Freight
The tonnage of goods transported through KIA in 2017 was 50,360 as compared to 47, 677 in 2016.
The growth of 5.6% was on account of increased exports in the reporting year as demand for non-traditional exports improved.
Successful TSA audit
In line with protocol, the Transportation Security Agency (TSA) of the USA undertook an extensive Security Audit in November 2017 at KIA which covered all areas of security operations.
The Department of Transport (DFT), UK, also conducted an extensive security survey of the airport after which we have successfully implemented their recommendations.
MILESTONES IN 2017:
• Construction of Terminal 3
• Extension of Terminal 2 Arrival Hall – Phase II
• Construction of Outer perimeter fence wall
• Extension & Refurbishment of Terminal 1 arrival hall & associated works
• KIA Phase III Expansion Works
• Construction of Catering Facilities for Servair Ghana
• Construction of Central Stores
• Construction of Ho Airport
• Rehabilitation of 6km inner perimeter road at Kumasi Airport
• Rehabilitation of water storage facilities
Minister for aviation who was present at the AGM said, “The ministry will insist on being aware of major procurement audit reviews and reports in all its agencies on a regular basis.
The chairperson for the Ghana Airports Company Oboshie Sai Coffie said they were committed to making positive contributions to the aviation industry and to the development of the economy.
source: Joy Business