Kochi : Cochin International Airport (CIAL) has posted highest profits of its 25-year history. The Board of Directors meeting chaired by Chief Minister Pinarayi Vijayan on Monday approved the Income and Expenditure estimates for 2022 - 23. CIAL recorded net profit of Rs 267.17 crores. The Board also recommended a record dividend of 35 percent to investors.
CIAL is India’s only airport to turn profitable post Covid pandemic. The net gains are on the widest scale seen in its 25-year history. The Board decided to implement a plan that will raise CIAL revenue to Rs 1000 crores in its Silver Jubilee year. Five mega projects are slated to take offf this September.
CIAL had posted loss of Rs 85.10 crore in 2020 -21 owing to sluggish air traffic during Covid. In 2021 -22, financial and operational restructure was effected and revenue rose to Rs 418.69 crores resulting in profit Rs 22.45 crores.
In 2022 -23 the total revenue soared to Rs 770.90 crores. The resultant Operating profit comprising depreciation, tax, interest etc was Rs 521.50 crore and a deduction of them figured Net Profit at Rs 267.17 crores.
In 2022 - 23, passengers transiting CIAL rose to 89.29 lakhs. The airport ran a total of 61,232 flights during that time. Also, profits at CIAL’s wholly-owned subsidiaries too upped.
