Business News of 2014-08-04

GACL excels, bags Ghc19m in profits

From a loss of Ghc84,169,000 at the end of 2012, management of the Ghana Airports Company Limited (GACL) has turned around its fortunes by posting an impressive Ghc19,121,000 (after tax) for 2013.

Aeronautical revenues increased from Ghc63,875,000 in 2012 to Ghc87,525,000, representing a 37.03% leap, while non-aeronautical revenue grew marginally by 2.84% from Ghc24,369,000 in 2012 to Ghc25,062,000 last year.

The performance, according to management, was achieved on the back of stringent but effective cost management practices.

Speaking to The Finder after its second Annual General Meeting (AGM) in Accra last Thursday, the acting Managing Director (MD) of the company, Mr Charles Kwame Asare was modest about the achievements of his team, pointing out that he inherited a results-oriented system.

“We have the right controls and systems within the organisation and our policies and procedures are consistent with some of the best practices we find in corporate Ghana. We will continue to improve upon it and pursue cost management,” he told this reporter.

International aircraft movements improved by 6.1% from 22,082 in 2012 to 23,437 in 2013. This, according to GACL, was a result of brisk activity introduced by new entrants into the industry as well as increased frequency in flight by a number of existing airlines.

On the domestic front, aircraft movements experienced a faster growth of 28.9% from 14,352 in 2012 to 18,497 in 2013.

“The sharp increase hinged on growing demand, reliable air service and competitive values that air transport offered passengers compared to road transport,” Mr Asare stated in his review at the AGM.

Passenger throughput for last year was 7.2% more than the previous year while domestic passenger throughput alone grew by 43.3% from 540,000 in 2012 to 780,000 last year.

The improvement, Mr Asare maintained, was on account of increased patronage on all domestic routes, adding that “the growth in domestic passenger traffic is expected to continue and therefore will require additional investments in infrastructure.”

On some of the achievements made in the area of infrastructure, the MD listed new check-in desks at the departure hall, new baggage-handling carousels at terminal two and a new X-ray and screening equipment at the baggage-claim area.

In a bid to enhance security and safety at all the airports under the GACL, the company initiated a CCTV security installation project at the Kotoka International Airport (KIA).

The project, when completed, will provide remote surveillance over both land and airsides of KIA to aid in capturing and deterring criminal activities at the airport.

Source: The Finder
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