Net Profit of the Almaty Airport Dropped Sevenfold

The net profit of the Almaty International Airport plunged to $3 million or 7.2 times over 2020. Earnings per share have also been reduced to $39.27, according to unaudited consolidated accounts of the airport.

The company’s total income has dropped to $101.6 million or by 42% compared to 2019. This income is a result of sales revenue from air fuel, flight catering and other airport services. Gross profit fell to $11.5 million or by 66%.

At the same time expenditures associated with wage payments, utilities, depreciation and amortization, communication services, etc. have surged by 58% or $2.3 million. The administrative costs also increased twofold to $14.5 million.

According to the report, assets of the Almaty International Airport have been reduced by 17% to $177.9 million; debt by 41% to $22.1 million.

Operating results of the airport also show how the COVID-19 pandemic severely hit this particular company, reported Interfax Kazakhstan citing Almaty airport’s press service. For example, in 2020 Almaty airport lost about half of the passenger traffic it used to work with. It dropped 1.8 times to 3,669,668 passengers. The reduction of passenger traffic on international routes was 72% to 847,800 passengers. On domestic routes, it decreased just by 17% to 2.8 million passengers. 

Another part of the airport business affected by the pandemic is cargo traffic. In 2020 it plunged by 70% to just 20,500 tons. 

However, once the international airlines started to fly again in the first quarter of this year, the situation has gradually gotten better. Over the period from January to March, 11,659 flights were landed in the Almaty airport, which is almost a third of all flights in 2020. The passenger traffic has even shown a slight growth by 0.2% to 1.3 million people. 

In the fall of 2019, the negotiations with a consortium of Turkish companies TAV Airports and VPE Capital were announced. In May 2020 Almaty International Airport signed an agreement with the consortium. It is expected this $415 million deal will be closed by the end of this year. Although, as of April 1, 2021, the only owner of the airport is still Venus Airport Investments B.V.