The Ottawa International Airport Authority announces its results for the year ended December 31, 2023.
- Passenger volumes totalled 4,095,915 for the year, representing a 37% increase over 2022. International traffic growth led the way with an impressive 241% increase. The total figure breaks down as follows:
- Domestic: 3,202,899 passengers (18% increase);
- Transborder: 576,133 passengers (203% increase); and
- International: 316,883 passengers (241% increase).
- Passenger volumes in 2023 were 80% of the volume reported in pre-pandemic 2019.
- Revenues of $145.6 million were 30% higher than in 2022. Strong increases in passenger volumes contributed to the positive impact on all revenue areas.
- Earnings before depreciation totalled $40.0 million compared to $25.7 million in 2022.
- Net earnings after depreciation of $10.8 million were recorded compared to a loss of $4.8 million in 2022.
- In accordance with the Authority’s mandate, all earnings are retained and reinvested in Airport operations and development, including investment in capital assets, to meet ongoing operating requirements.
- S&P Global rating upgraded from A to A+ effective Tuesday, April 16 thanks to recovery of passenger volumes, related earnings and credit metrics, and anticipated continued growth.
“I’m so pleased to see our passenger volume building back and our finances turned around. After several years of fiscal restraint and hardship due to the effects of the pandemic, it’s wonderful to be operating with positive earnings,” said Mark Laroche, President and CEO of the Ottawa International Airport Authority. “In addition to returning to vital projects that had been on hold and addressing capacity restraints, continued strong earnings and cash flow trends will allow the Authority to set aside the funds necessary to repay pandemic debt of $100 million.”
YOW also supports last week’s federal budget announcement that the Government of Canada is considering additional investment tools to continue to maintain and modernize our Airport. Allowing Canadian pension funds to contribute directly to improving the country’s airports aligns well with securing retirees’ financial future by providing stable, long-term results.
“We are pleased to see that our focused efforts on financial sustainability through strong passenger recovery trends, positive earnings and track record of systematic debt reduction are being recognized through the recent upgrade in our S&P Global rating from A to A+,” said Deanna Monaghan, Chair of the Audit Committee of the Airport Authority’s Board of Directors.
For more information about the major projects, priorities, and plans on our radar for 2024 and beyond, please join us for our Annual Public Meeting on Wednesday, May 1 at 3:00 p.m. at the Hilton Garden Inn - Ottawa Airport (2400 Alert Road).
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