Sydney Airport revenue grew 7.2 per cent to $1.11 billion last year, on more international passengers, new airline routes and increased capacity from half its international airlines.
Aeronautical, retail, property and car rental revenues were up for the year, as international passenger numbers grew 4.1 per cent to 12.8 million and domestic passenger numbers grew 2.0 per cent to 25.1 million.
But the company’s net profit fell 66 per cent to $61 million after buying out minority shareholders, completing a corporate restructure, and reaching a $69 million settlement with the ATO.
Sydney Airport told investors today that it had a strong, simple business model that tied passenger growth directly to revenue and investor returns. From its presentation:
According to CEO Karrie Mather, Sydney Airport’s passenger numbers have grown 50 percent since 2000. The growth rate is expected to slow.
Mather said Sydney Airport had “substantial capacity for growth” given the Federal Government’s approval of its 20-year master plan earlier this month
The plan will see Sydney Airport expand to accommodate 74 million passengers by 2033, up from 38 million today.