Changi Airport Group (CAG) has reported earnings of $841 million for the full year FY2024/2025 ended March 31, 2025, up 95% y-o-y.
The group recorded exceptional items which comprised non-cash revaluation gains and write-back of provisions by subsidiaries in the year. Excluding these, earnings grew to $685 million for the full year, up 68% y-o-y.
The group reported revenue for the full year of $3.071 billion, up 14% y-o-y, and ebitda came in 22% y-o-y higher for the full year at $1.47 billion.
For the full year, passenger movements increased 9% y-o-y to reach 68.4 million, which Changi Airport Group says is a new record. Aircraft movements were 371,000 for the year, a 8% y-o-y increase.
The growth in group revenue was driven by an increase in passenger traffic. Meanwhile, growth in concession revenue remained subdued as ongoing global economic uncertainties continued to weigh on consumer sentiments and spending.
The group’s operating expenses grew 5% y-o-y to $1.6 billion for the full year.
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For FY2024/2025, the group invested about $1 billion to refresh and expand airport facilities, and advance the development of Changi East. The recent groundbreaking of Terminal 5 marks the start of a multi-year construction phase which will require significant capital investment.
Other upcoming key initiatives to enhance passenger experience include the refurbishment of Terminal 3 (T3) which opened in 2008, rejuvenation of the Skytrain system to extend its operational lifespan, upgrading of the T3 Baggage Handling System and construction of a new inter-terminal Baggage Conveyance System.
As at March 31, cash and cash equivalents for the group came up to $1.73 billion, while loans and borrowings amounted to $1.9 billion.
“The global economic environment is now in flux and the impact of trade tensions on the aviation industry is far from certain. It is important for CAG to focus on our fundamentals to improve our operational capabilities and efficiency,” says Yam Kum Weng, CEO of CAG.
