Cochin International Airport Ltd posts record profit of Rs 267.17 crore, declares highest dividend of 35%

The Cochin International Airport Ltd, the first Greenfield airport setup in Public Private Partnership (PPP) model in the civil aviation infrastructure sector in the country, on Monday declared a record net profit of Rs 267.17 crore for the year 2022-23.

In a statement here, the company also announced the highest dividend of 35 per cent for the last fiscal year.

The Director Board meeting, chaired by Chief Minister Pinarayi Vijayan, which was held today, finalised the balance sheet and proposed a dividend of 35 per cent to the investors, subject to the endorsement of the Annual General Meeting slated to be held on September, 28, CIAL said.

The company said this was the highest dividend ever offered by it in its 25-year operational history. "The board also decided to implement a development strategy accentuating its effort to increase the group turnover to Rs 1,000 crore during the ongoing silver jubilee year," the release said.

Chief Minister Pinarayi Vijayan, the chairman of the company, the Directors of CIAL--Industries Minister P Rajeeve, Revenue Minister K Rajan, Chief Secretary, V P Joy, E K Bharath Bhushan, M A Yusuff Ali, N V George, E M Babu, P Mohammadali--, Managing Director of CIAL,

S Suhas and Company Secretary, Saji K George, attended the Board meeting. The company had registered a loss of Rs 85.10 crore for fiscal 2020-21 but made a strong comeback from the eventualities of the Pandemic in 2021–22 and recorded a profit of Rs 22.45 crore.

"The company activated new revenue streams, and major financial restructuring was introduced. As a result, the consolidated financial performance of the CIAL group of companies increased, resulting in a record profit (after tax) of Rs 267.17 crore from the huge loss," it said. CIAL handled 89.29 lakh passengers and 61,232 aircraft movements during the period under review.

"During 2022–23, CIAL alone has registered a turnover of Rs 770.90 crore as against the previous year's figure of Rs 418.69 crore. The operating profit (profit before interest, depreciation, and tax) was Rs 521.50 crore, and the net profit was Rs 267.17 crore. This also marks a record financial performance in the 25-year operating history of the company," CIAL said.

It said the commissioning of the new import cargo terminal, which aims to achieve an increase in cargo handling capacity of 150 per cent, is planned for September, along with the commencement of work on four infrastructure development projects.

These include the foundation stone laying for the Rs 500 crore expansion work project of Terminal-3, commissioning of the new cargo terminal, the beginning of city side infrastructure projects, a transit accommodation facility at T2, a commercial zone near T3, and a tourism project at the CIAL Golf Course.

The company has a base of 22,000 investors from 25 countries.

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