Thursday, June 6, 2024 Explore Changi Airport Group’s financial highlights for FY2023/24, showing robust growth and recovery in this concise overview. This table provides an overview of the annual financial results for Changi Airport Group (Singapore) Pte. Ltd.
, also known as CAG and its subsidiaries, for the fiscal year ending March 31, 2024. Group Operating Revenue The resurgence in travel enthusiasm resulted in a consistent rise in passenger numbers at Changi Airport, culminating in a robust final quarter of FY2023/24 where figures exceeded pre-pandemic levels. This surge was further enhanced by significant events hosted in Singapore and the easing of visa rules between China and Singapore.
Over the fiscal year, passenger numbers escalated to 62.5 million, or 91% of the levels seen before the pandemic, with air traffic movements recording 344,000, reaching 90% of previous figures. While passenger traffic bolstered the Group’s overall revenue, concession revenues lagged somewhat, affected by economic uncertainties and inflation, dampening consumer spending.
Consequently, Group revenue soared by 45%, reaching S$2,727 million for the year (FY2022/23: S$1,883 million). Group Operating Expenses Following the resurgence in travel and the reactivation of all four terminals at Changi Airport, operating costs for the Group rose by 20% year-over-year, totaling S$2,233 million for FY2023/24 (FY2022/23: S$1,856 million). Terminal 2 was fully operational again in November 2023 afte.
