Airports Company SA more than doubles profit

The Airports Company South Africa (Acsa) reported a more than doubling of its annual net profit to R1.1 billion for the year ended 31 March 2025 on Monday, from R472 million in its previous financial year.

It comes as the company continues to recover from the Covid fallout five years ago, with double-digit growth in revenue for FY 2025.

Read: Construction mafia won’t derail Acsa’s R22bn infrastructure build – CEO

Revenue jumped by 13% to R7.9 billion (2023/24: R7 billion), underpinned by strong performances across both aeronautical and non-aeronautical streams.

The group said ‘non-aeronautical streams’ (retail space, parking, and so forth) now contribute 49% of total revenue.

“Beyond the numbers, this achievement reaffirms Acsa’s role as custodian of critical national infrastructure and as a key driver of South Africa’s economic growth, connectivity, and global competitiveness,” Acsa said in a statement.

“Earnings before interest, tax, depreciation and amortisation [Ebitda] rose to R2.9 billion, reflecting a healthy margin of 37%, while net profit climbed to R1.1 billion, driven by disciplined cost management and strengthened internal controls,” it added.

However, Acsa’s capital expenditure came in at just R861 million for FY 2025, despite massive infrastructure plans for expansion at Cape Town International Airport, OR Tambo International, George Airport and smaller projects at most of its other airports in SA.

Nevertheless, capex is notably higher than the R568 million in its previous financial year.

“Looking ahead, Acsa is positioning itself as a future-ready airport operator through a R21.7 billion capital investment pipeline over the next five years, with flagship projects at Ortia, CTIA and other key regional airports,” it said in its statement.

“The company’s balance sheet remains strong, with total assets of R32 billion, a net debt-to-capitalisation ratio of just 8%, and liquidity of R3.4 billion at year-end, ensuring substantial coverage for future investments,” Acsa said.

“In recognition of its strengthened financial position, the Acsa Board has approved the payment of R198 million in accrued preference share dividends and declared R113 million in ordinary share dividends for 2024/25 [to government].

“This marks a sharp improvement from 2023/24, when total dividends amounted to R815 million, comprising R768 million for preference shares and R47 million for ordinary shares. The year-on-year growth in ordinary dividends reflects not only Acsa’s stronger balance sheet but also the company’s sustained recovery and renewed capacity to deliver value to shareholders.

“Our performance this year has been a story of contrasts, strong financial delivery on one hand, and operational headwinds on the other,” said commented Acsa CEO Mpumi Mpofu.

“It has demanded from us commercial discipline, executional rigour, and also humility and renewed accountability.”

“While these challenges were significant, they taught us valuable lessons to focus on preventative maintenance and avoid service disruptions for our stakeholders, the airlines and passengers. This we will achieve through continuous improvement, targeted infrastructure investment and enhanced operational readiness and customer experience. Acsa’s performance demonstrates disciplined financial management and a successful strategy of revenue and services diversification,” she added.

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