Strong Profit as Perth Airport Set to Build

Perth Airport has reported a strong profit result for FY24 as it prepares to embark on an historic $5billion infrastructure investment program.

Strong growth in passenger numbers saw increased revenue across all of the airport’s operations, including aviation, ground transport, property and retail.

Perth Airport’s EBITDA rose from $403.8million in FY23 to $420.8million in FY24, while net profit after tax rose from $110.4million in FY23 to $125.4million in FY24.

Importantly the results reflect the resolution of all outstanding commercial issues with the Qantas Group.

Perth Airport CEO Jason Waters says momentum is building behind the airport’s major projects program.

“When Perth Airport grows and prospers, Western Australia grows and prospers,” Mr Waters said.

“The coming five to 10 years will completely change the face of Perth Airport.

“We have already started this transformation with work commencing on our first multi-storey carpark and significant changes to our access road network.

“All Jetstar flights have now moved to Terminal 2, and we are progressing works to further increase capacity and passenger comfort in that terminal.

“We expect the new parallel runway project to be the next cab off the rank. This additional capacity delivered by the new runway will underpin future growth in the tourism and aviation sector.

“It will also be critical for the FIFO-based resources sector with the Chamber of Minerals and Energy pointing to $147.2billion worth of resources projects in the pipeline.

“Design work is continuing for the expanded international terminal and the new Qantas domestic terminal. These will be complemented by our first airport hotel, with a second multi-storey car park at a later date.”

Mr Waters said FY24 had been a year of consolidation and growth for Perth Airport.

“In FY24 our push for increased international connections paid off with new routes, the post-Covid return of a number of international airlines, and increased flight numbers on several existing routes,” Mr Waters said.

“This included the Qantas Perth-Paris service, Vietjet and Vietnam Airlines flights to Ho Chi Minh City, Batik Air and Citilink services to Jakarta, and Singapore Airlines and Cathay Pacific both lifting capacity into Perth.

“We expect this to build even further in 2025 when the Routes Asia conference takes place in Perth – an event Perth Airport played a major role in securing.

“Our Operations team has done a remarkable job in managing almost 157,000 aircraft movements and more than 16.1million passengers safely and securely.

“Our Property portfolio continues to record outstanding results with an occupancy rate of more than 99 per cent while delivering the new Dunreath Village shopping centre, KFC, McDonalds and an IMO carwash.”

“Retail and ground transport revenue has grown while delivering a range of new product offerings for passengers including new food and beverage outlets and increased undercover parking.

“Demand for parking continues to grow and we added two new Long Term car parks and expanded our Premium car park offer in T3/T4 to accommodate this increase. All the new car parks are proving popular with customers and are experiencing high occupancy rates.”