Queenstown Airport Corporation (QAC) has announced it will pay a record interim dividend after a strong start to its financial year with the return of significant visitor numbers to the district.

As majority shareholder (75%), the Queenstown Lakes District Council will receive $4.49M, which equates to about $150 per ratepayer.

QAC board chair Adrienne Young-Cooper said Australian and domestic visitors had steadily returned to Queenstown Lakes during the reporting period (July 2022 to December 2022).

“The great snow conditions during winter, combined with the uplift in passengers taking the opportunity to reconnect with friends and family, made the Southern Lakes a popular destination,” she said.

This contributed to the $30M in revenue during the six month period, which was an increase of 136 percent on the same period a year earlier, and resulted in operating earnings growing 256 percent to $22.5M.

Adrienne said another factor contributing to the increase in revenue was population growth in the district, which has grown by 10.5 percent since 2019 and is now close to 50,000. 

“With a larger population base and more New Zealanders working remotely, the airport remains an important link for residents of the region,” she said.

QAC CEO Glen Sowry said he expected the steady return of travellers experienced during the reporting period would continue but cautioned that a forecast economic recession may have a suppressing effect on demand.

It is anticipated the total dividend for FY23 will be the highest ever paid. The highest full-year dividend to date was $8.3M paid in FY19.

PHOTO: Supplied