Changi Airport net profit surges by 1,206% to $431m in FY2023/24

The group's revenue also surged by 45% to $2,727m during the same period.

Changi Airport Group (CAG) has reported a 1,206% increase in net profit for the fiscal year 2023/24, reaching $431m, compared to $33m in the previous fiscal year.

The group's revenue also surged by 45% to $2,727m, attributed to a strong rebound in passenger traffic at Changi Airport, which surpassed pre-COVID levels in the last quarter of FY2023/24.

Additionally, it was also driven by major events held in Singapore and the liberalisation of visa requirements between China and Singapore.

“Whilst the outlook for aviation is promising and travel demand is on the upward trend, we are cognisant that the industry operates in a highly volatile and fast- 3 changing environment,” said Lee Seow Hiang, CEO of CAG.

“To stay ahead, Changi Airport will continue to invest to keep its fundamentals strong and to remain attractive as an air hub,” he added.