GACL poised to transform its revenue generating capacity

Ghana Airports Company Limited commended for strong financial performance

Madam Pamela Djamson-Tettey, the Managing Director of Ghana Airports Company Limited (GACL), says the company will transform its revenue generating capacity going forward through diversification of non-aeronautic revenues.

She said this would be done by focusing on implementing and leveraging new business development initiatives and strategies for the growth and diversification of Non-Aeronautical Revenues.

Madam Djamson-Tettey gave the assurance during the 8th Annual General Meeting of GACL in Accra.

“The Company will focus on implementing these initiatives, strategies for the growth and diversification of Non-Aeronautical Revenues in line with its corporate objectives,” she added.

In that regard, the proposed Airport City 2 Project would feature largely in the Company’s efforts to enhance its non-Aeronautical Revenue Base in the coming years.

“It is expected that this approach will produce tangible results and transform the revenue-generating capacity of the Company and drive the vision to make Kotoka International Airport a true hub and leader in the Airport Business in West Africa,” she added.

The Managing Director commended staff for their resilience and exemplary workmanship throughout the business recovery process following the overwhelming and unparalleled effect of COVID-19 and the ensuing travel restrictions on airports.

She gave an overview of the Air Traffic Performance and attributed the leap in variance for Air Traffic Movements for both International and Domestic to the impressive growth in charters, especially cargo flights, during the pandemic, increased flight frequency by domestic airlines, and flight operations on the Accra-Ho-Accra and Accra-Wa-Accra routes within the year.

She said the Company posted a loss of about GHS252 million for the year ending December 31, 2021.

“This was an improved performance compared to the loss of GHS435.5m in 2020,” she said.

The underlying factor, she said, was a significant increase in financial cost for the Term Loan Facility for the construction of Terminal 3 at KIA.

Mr Paul Adom-Otchere, the Board Chairman of GACL indicated that in Ghana, Air Traffic Movements in 2021 exceeded that of 2020 by 50.4 percent after the Government eased travel restrictions and reopened the country’s borders for flight operations in 2021.

“Air traffic movements for both international and domestic showed strong growth with international growing at 53.9 percent and domestic growing at 46.1 percent,” he said.

He said the Industrial Relations climate had remained relatively calm and peaceful as a result of deliberate and proactive steps taken by Management to resolve staff-related challenges.

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