CLARK International Airport Corp. (CIAC) on Monday said its net income last year rose by 72.3% to P438.75 million from P254.72 million a year earlier as it booked higher revenues.
Revenues in 2022 reached P758.7 million, up by 36.7% from P555 million previously.
CIAC Officer-in-Charge Darwin L. Cunanan said the company also recorded a higher profit margin in 2022 at 58% from 46% in 2021, allowing it to pay bank loans and remit dividends to the government.
“CIAC ensures fiscal discipline and financial viability, and we also adhere to the highest standards of corporate governance so now we are a debt-free agency and at the same time able to remit dividends to the national treasury,” Mr. Cunanan said in a press release.
The loans, which include funds borrowed from the Land Bank of the Philippines and the Development Bank of the Philippines, were paid during the last quarter of 2022. These were used for airport expansion infrastructure projects.
The company was able to remit around P369 million in dividends to the Bureau of the Treasury in several tranches from May to October 2022 to cover the company’s 2019-2021 obligations.
“CIAC’s thrust now is to strengthen our commercial, engineering and corporate management teams in developing a globally-competitive service and logistics center at the aviation complex surrounding the airport and contribute to the national economy,” Mr. Cunanan said.
CIAC supervises and oversees the activities within the Clark Civil Aviation Complex including the Clark International Airport.
The airport, which was completed last year, has a capacity of 8 million passengers annually. Its capacity is estimated to increase to 80 million passengers a year upon the full implementation of the CIAC Master Development Plan. — Justine Irish D. Tabile