MacroAsia’s 2023 net income soars 132% to P1.07B

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  • MacroAsia Corp.’s 2023 consolidated net income soared 132% to P1.07 billion from P461.43 million recorded in 2022
  • Consolidated revenues last year reached P8 billion, a record in MacroAsia’s operating history and 64% better than the P4.88 billion generated in 2022.
  • The positive performance was driven by the strong rebound of its aviation services units, amply supported by its business units that rapidly grew with non-aviation related revenue sources
  • MacroAsia said the momentum of growing its topline and bottom line is seen to continue in 2024, as the company banks on the inroads it has made to penetrate new markets

MacroAsia Corp.’s 2023 net income soared 132% to P1.07 billion from P461.43 million recorded in 2022, the company said in a statement.

Consolidated revenues last year reached P8 billion, a record in MacroAsia’s operating history and 64% better than the P4.88 billion generated in 2022.

MacroAsia said the positive performance was driven by the strong rebound of its aviation services units, amply supported by its business units that rapidly grew with non-aviation related revenue sources.

About P2 billion or 24% of its 2023 revenues came from activities outside of the airport, in contrast to 2019 where non-aviation revenues amounted to only P443 million or 7% of the consolidated revenues then.

The momentum for topline growth was driven by the group’s strategy to diversify especially during the pandemic period when airports were constrained by passenger mobility and flight restrictions.

Food segment revenues significantly improved from 2022’s P2.29 billion to P3.98 billion in 2023, a 74% increase. The growth was driven by the increase in passenger meal sales in the airport, as well as the robust growth of MacroAsia’s institutional food service to clients outside the airport.

Groundhandling and aviation services contributed P3.14 billion in 2023 from P2.05 billion in 2022, a 53% improvement driven largely by flight volume growth in the airports.

Groundhandling and aviation revenues contributed 39% of the total revenues.

Revenues from water operations contributed 8% of the total revenues, climbing 20% to P617.49 million from P515 million.

Connectivity and technology services revenue contributed P215.63 million arising from contracted projects in 2023.

MacroAsia’s aircraft maintenance, repair and overhaul associate, Lufthansa Technik Philippines (LTP), contributed a net income share of P562.14 million. This is P62.33 million higher than the share of P499.81 million booked in 2022.

LTP’s income in 2023 was higher due to the significant improvement in its base maintenance business as more foreign airlines had their planes repaired in the LTP facility in the MacroAsia Special Ecozone in Ninoy Aquino International Airport.

READ: Lufthansa Technik eyes $150M second hangar in Clark

MacroAsia said the momentum of growing its topline and bottom line is expected to continue in 2024, as the company banks on the inroads it has made to penetrate new markets as part of its initiatives during the difficult pandemic period while coping with the robust return of aviation travel in the key airports where the company operates.