CAM Held Annual General Assembly Ordinary Meeting (2024)

Macau International Airport Company Limited (CAM) held the Annual General Assembly Ordinary Meeting on 27th March 2024, approving the 2023 Annual Report, Financial Accounts, Supervisory Committee Report and Proposal of Profit Appropriation. In addition, it was resolved to increase the Company’s capital in view of the needs of the Macau International Airport reclamation and expansion project, and a resolution was also passed on the Hengqin Cargo Terminal project.

In 2023, the global aviation industry began to recover from the pandemic crisis. Macau International Airport (MIA) welcomed 5.15 million passengers and handled over 42,500 aircraft movements, representing 54% and 55% of the pre-pandemic (2019) levels, respectively. MIA managed to reach cargo volume of 63,800 tonnes with a year-on-year increase of 24% and the operation of business aviation reached to 923 movements, more than double the previous year. The total revenue of the Company for the fiscal year reached nearly 1.19 billion (Macau Patacas, same below), with a yearly increase of 179.8%. Responding to the significant increase in flights movement and passenger volume, CAM recorded a profit of 220 million - the first profit after three years of losses. The Company has consistently pursuing policy of cost control and savings, implementing prudent cash flow management. CAM resumed its work plans postponed by the pandemic upon returning to normalcy, contributing to accelerate the recovery of Macau’s tourism industry. With business volumes rapidly recovering, cash levels for the fiscal year stopped declining and began to rise again.

CAM and its team are dedicated to optimising passenger experience and providing high-level services, and further strengthened airport security, operational management as well as passenger services from various aspects over the past year. On the premise of ensuring the safe operation and security of MIA, various infrastructure projects are coordinated to commence in a balanced and synchronous manner. In addition to the  over 60 upgrades to airport facilities, equipment and information systems for the enhancement of airport hardware and software facilities and operational service efficiency and promoting intelligent development of the airport, CAM has been actively following up the implementation of the airport expansion and reclamation project.

Preliminary preparations are being carried out gradually and orderly which include reclamation data collection and analysis, submission and optimisation of the basic plan of the reclamation project, continuing with quantity survey, hydrologic monitoring, environmental monitoring and ecological restoration works. In response to the capital requirements for the initial phase of this project, it has been decided at the Annual General Assembly Ordinary Meeting that new ordinary shares will be issued in 2024 to increase the Company’s capital by 850 million patacas. The construction work is expected to commence in the second half of 2024, contributing efforts to the sustainable development of the civil aviation industry in Macau.

MIA is diligently promoting market recovery in accordance with its established work plan. In the first quarter of 2024, the passenger volume of MIA is showing a steady increase with approximately 1.76 million passengers welcomed, marking a year-on-year growth of 1.3 times. Around 14,000 flight movements were also recorded, representing a year-on-year rise of 1.03 times. In comparison to the same period in 2019, passenger volume and flight movement have respectively recovered to 75% and 76%. MIA is constantly coping with the tourism development direction of the SAR Government to fortify passenger market of the Mainland of China and collaborate with international and domestic airlines to expand global reach and introduce more direct or connecting medium and long-haul routes with seamless checked through luggage service to enhance passenger convenience. Notably, China Southern Airlines will commence operations on the Beijing Daxing-Macau route from 1st April 2024, facilitating passenger transfers from Macau via Beijing Daxing to Russia with checked through luggage service. AirAsia Cambodia has confirmed its operation on the Phnom Penh-Macau route, while the base airline is introducing wide-body aircraft for medium to long-haul flights in the second quarter of 2024. Additionally, Korean Air has plan to join MIA in July 2024 to develop connecting flight services from Macau to Europe and the United States via Seoul of South Korea. It is expected that a greater number of international travellers will be attracted to visit Macau.

CAM will continue to uphold the core values of “Safety, Efficiency and Effectiveness”.

Prioritizing operational safety, CAM is committed to aligning with the overall development direction set by the SAR Government to expand foreign customer markets and enhance the route network and services of Macau International Airport. Meanwhile, CAM will actively involve to foster diversified development of tourism and leisure in Macau and the Macau-Hengqin integration progress. In collaboration with the SAR Government Policies and the development of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin, CAM will continue to work on the MIA Service Center at Hengqin Port and actively advance the realization of Hengqin Upstream Cargo Terminal Project to facilitate the launch of a swift cross-border logistics channel between Macau and Hengqin. Moving forward, Macau International Airport will continue to serve as a gateway to the world catering to a broad spectrum of citizens and travellers.