Airports Company posts GH¢184m profit

The Ghana Airports Company Limited has posted a profit after tax of GH¢184million for the 2014 financial year.

The Airports Company’s finances improved from a profit of GH¢19million in 2013 to a net profit of GH¢184million in 2014 -- largely on the back of retained Passenger Service Charges.

The promulgation of the Airport Tax Amendment Act in 2013 allowed the GACL to retain 100 percent of its revenues, which was hitherto shared with central government. That is what has given impetus to the airports manager to utilise private capital to improve aviation infrastructure in the country.

The company has set up a special fund solely for airport infrastructure, where 70 percent of the revenue from its Airport Passenger Service Charge (APSC) is kept to service loans secured.

Charles Asare, Managing Director of the company said: “Consistent with the policy directives, we will pursue appropriate strategies to continue to grow non-aeronautical revenues of GACL and increase its percentage contribution to the total revenue by 30 percent with the next five years.

“We will continue to pursue opportunities in commercial real estate such as offices, hotels, malls, retail shopping malls, entertainment centres, car parks, and other airport-related developments on the landside of our airports,” he added.