Queenstown Airport has released its financial report for the 12 months to 30 June 2024, which shows a strong operating performance.

Queenstown Airport Corporation Board chair Adrienne Young-Cooper announced the board of directors has approved a total dividend for the 2024 financial year of $19.6M – the highest the company has ever paid. 

An interim dividend of $5.3M was paid to shareholders in February, and the remainder will be distributed this month, she said.

“It has been another positive year, with record revenue and passenger numbers. The results confirm the company’s strong recovery from the pandemic and are in line with forecast activity levels.” 

QAC board chair Adrienne Young-Cooper

The report shows the revenue growth over the previous financial year (FY23 ) is 8.5 percent. Passenger movements increased almost five percent over FY23, and the dividend is up 26 percent on FY23 ($15.54M).

Adrienne said demand for seats on trans-Tasman flights was noteworthy, while domestic demand remained steady.

“We know those flights bring many social and economic benefits for the people and businesses of the Southern Lakes region. Furthermore, they enable us to make a meaningful financial contribution to our community.”

Queenstown Lakes District Council holds 75.01 percent of QAC shares, so its portion of the annual dividend is $14.7 million, which equates to about $485 per ratepayer.

Adrienne said QAC had delivered more than $35M in dividends since the Covid-19 pandemic.

“We are pleased to be in a position to pay a higher than normal dividend this year ahead of significant investment in our infrastructure.”

‘Significant’ infrastructure investment for airport

Airport chief executive Glen Sowry said a highlight of the year was the completion of a master plan which will guide considerable investment in infrastructure at Queenstown Airport over the coming decade.

Airport CEO Glen Sowry

Development plans for the airfield, the terminal, the landside spaces around the terminal, and services and utilities are now underway, and the resultant capital works programme “will be the largest ever undertaken at Queenstown Airport”, Glen said.

The first major project is the installation of an engineered materials arresting system (EMAS) at either end of the main runway, beginning later this month.

Glen said Queenstown was the first airport in New Zealand and Australia to install the safety technology, “which exceeds compliance with civil aviation regulations and is a tangible demonstration of our determination to surpass expectations”.

Projects in the past financial year include the installation of extra self-service technology, an increase in passenger screening capacity, the opening of a new cafe and bar, and upgrade of the international departure lounge. 

A bathroom refurbishment programme is underway and Glen said the heating and cooling system is also being upgraded.

The company’s annual general meeting will be held in October, when the board and executive team will report on the past financial year, as well as providing an outlook for the year ahead.

Adrienne will retire from the board after the AGM, having served the maximum two terms.

The full annual report is available to download here.

PHOTOS: Supplied