Queenstown Airport Corporation (QAC) has declared an annual dividend for the first time in two years.

The corporation has reported its annual results for the year ending 30 June 2022, and QAC board chair Adrienne Young-Cooper said after operating for more than two years in the complex environment created by the Covid-19 global pandemic and the related global and national response, the board is “cautiously confident: it has entered a sustained recovery period. 

QAC declared a shareholder dividend of $1.3M.

Adrienne said the board is focused on supporting the recovery of the Southern Lakes region and the businesses operating at Queenstown Airport.

“The company’s business fundamentals and operating capabilities remain strong. We are pleased to declare a dividend this year after two years without declaring an annual dividend.”

For the majority of the reporting period (330 days) there were no scheduled international flights to and from Queenstown Airport. Domestically, there was an extended period of nationwide and regional lockdowns, and regional border restrictions which resulted in significantly reduced domestic flights at Queenstown Airport.  

Nor were there flights between Auckland and Queenstown, usually QAC’s busiest route, for half the total operating days (178). 

Adrienne said the business disruptions had a significant impact on operations and revenue. 

During the second half of the reporting period there was a phased reopening of the New Zealand border. Visitors from all international markets are now able to enter New Zealand. 

“The pace and timing of recovery is dependent on a wide range of factors, including the continued propensity of New Zealanders to travel domestically, trans-Tasman flight schedules to and from Queenstown Airport, and the recovery of global aviation and tourism,” QAC CEO Glen Sowry said.

“Our forecasts indicate that aircraft and passenger numbers will return steadily and are likely to be on par with pre-Covid levels by FY25, with 1.59 million passenger arrivals and departures forecast during the coming year.” 

Capital expenditure over the year included investment in the Terminal Upgrade Programme (TUP) and the upgrade of three aircraft stands.

Adrienne said a key focus this year has been developing a ten-year plan which considers how Queenstown Airport provides aviation infrastructure and amenity for the district. 

She said in FY23 the board will consult on and prepare the long-term master plan for Queenstown Airport. 

For full details on QAC's performance click here.

QAC is a council-controlled trading organisation (CCTO) which owns and operates Queenstown Airport. The company is owned by Queenstown Lakes District Council (75.01 percent) and Auckland International Airport Limited (24.99 percent).

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