State-owned Airports Company South Africa narrows loss to R142m, expects profitability by next year.

Loading player...
GUEST - Mpumi Mpofu - ACSA CEO

Airports Company South Africa (ACSA) has today reported its audited financial results for the year to 31 March 2023, which reflect steady recovery and significant improvement on performance as compared to the previous year. Earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to R2 billion, compared to R342 million in the 2021/22 financial year.

Revenue was R6 billion for the 12-month period, up by 55% from the R3.9 billion reported in the previous financial year. The Group continued to tightly control operating expenditure in increased operating levels, which increased by 10% at R3.5 billion from the previous year’s R3.3 billion.

High credit losses on trade receivables and fair value losses on investment properties, however impacted profitability. This resulted in an after-tax loss of R143 million, which significantly reduced from the R1 billion loss in 2021/22.

ACSA CEO Mpumi Mpofu says, “The results reflect the Group’s steady trajectory towards recovery and a move closer to profitability, following the turbulent trading conditions brought on by the COVID-19 pandemic”.
12 Sep 2023 4PM English South Africa Business News · Investing

Other recent episodes

Sasfin Wealth’s rebrand to Otto1890

Erol Zeki, CEO of Otto1890 (formerly known as Sasfin Wealth), joins us to talk about the group’s strategic shift beyond the branding. The group is looking to tap into private market opportunities, amongst other things.
30 Mar 5PM 17 min

SA’s producer price outlook deteriorates sharply

Producer price inflation showed signs of easing in January, according to data from Stats SA. Economists from Nedbank say the outlook has deteriorated sharply, and Johannes Khosa explains why…
30 Mar 5PM 11 min

Careers Corner – Are degrees still relevant in SA’s job market

South Africa’s youth unemployment crisis has raised concerns about the validity of chasing a degree to secure employability. Professor Linda du Plessis, Senior Deputy Vice-Chancellor, North-West University, argues that there is still value with the right approach by educators.
30 Mar 5PM 12 min

Middle East-driven energy shock for Africa

We explore how the Middle East-driven global energy shock is reshaping Africa’s fuel security, what it means for businesses and consumers, and whether the crisis could accelerate a shift toward more resilient, local energy solutions. For more on this, we caught up with NJ Ayuk, CEO of the African Energy…
30 Mar 5PM 12 min