Sydney Airport’s annual earnings have more than doubled to $1.22 billion as Australia’s biggest airport, now owned by big global infrastructure funds, capitalises on the resurgence in flying in Australia and around the world.
However, Sydney Airport still reported a $588 million net annual loss in 2023 after higher finance costs combined with depreciation expenses offset a 38 per cent jump in revenue to $1.7 billion.The airport’s accounts, filed with the Australian Securities and Investments Commission by Sydney Aviation Alliance Holdings , represent the first full year of management by the alliance, a consortium led by IFM Investors and the US’s Global Infrastructure Partners .
Global demand for infrastructure assets is also on the rise, with GIP revealing in January it had agreed to beSydney Airport continues to be chaired by David Gonski, who was also chairman of the listed entity, but directors representing IFM and GIP have been added to SAAH, as well as directors representing minority investors AustralianSuper and UniSuper.
The airport said these projects included maintenance works on the main runway and adding LED lighting, a new conveyor sort line for baggage, and bathroom improvements. They also included projects to boost the airport’s resilience to cyber threats.Aeronautical security recovery revenue, which includes passenger and checked bag screening, almost doubled over the year to $159 million. The airport recognises the revenue as expenses for providing security services are incurred.