Auckland International Airport Earnings: Passengers Are Returning

Auckland International Airport is recovering strongly. In line with our forecasts, fiscal 2024 underlying net profit lifted 87% to NZD 277 million on the back of 43% revenue growth. International travelers are returning, and domestic passenger numbers continue to climb. Total passenger numbers were up 17% on the prior year to 19 million, which is about 88% of pre-covid-19 fiscal 2019 levels. Fiscal 2024 was also the first year of the new aeronautical price regime, with a big step-up in per-passenger airport charges. Aeronautical revenue lifted 73% to NZD 450. Retail revenue, primarily driven by passenger numbers, lifted 37% to NZD 267 million on the back of 21% higher spend-per-passenger and car park revenue.