By Lehlohonolo Lehana.
The Airports Company South Africa (ACSA) has published its Integrated Annual Report for the 2024/25 financial year, and reported a strong growth.
ACSA is a majority state-owned airport management company that operates nine of South Africa’s airports.
ACSA had made a record net profit of R1.1 billion, more than double the R472 million achieved in 2023/24.
It comes as the company continues to recover from the Covid fallout five years ago, with double-digit growth in revenue for FY 2025.
“This milestone signals more than just financial resilience; it is a powerful testament to black excellence and the organisation’s stature as one of South Africa’s best-performing state-owned entities, “the company said in a statement.
“Beyond the numbers, this achievement reaffirms Acsa’s role as custodian of critical national infrastructure and as a key driver of South Africa’s economic growth, connectivity, and global competitiveness,”Acsa said.
Revenue jumped by 13% to R7.9 billion (2023/24: R7 billion), underpinned by strong performances across both aeronautical and non-aeronautical streams.
“Earnings before interest, tax, depreciation and amortisation [Ebitda] rose to R2.9 billion, reflecting a healthy margin of 37%, while net profit climbed to R1.1 billion, driven by disciplined cost management and strengthened internal controls,” it added.
However, Acsa’s capital expenditure came in at just R861 million for FY2025, despite massive infrastructure plans for expansion at Cape Town International Airport (CTIA), OR Tambo International Airport (Ortia), George Airport and smaller projects at most of its other airports in SA.
Nevertheless, capex is notably higher than the R568 million in its previous financial year.
“Looking ahead, Acsa is positioning itself as a future-ready airport operator through a R21.7 billion capital investment pipeline over the next five years, with flagship projects at Ortia, CTIA and other key regional airports,” it said in its statement.
“The company’s balance sheet remains strong, with total assets of R32 billion, a net debt-to-capitalisation ratio of just 8%, and liquidity of R3.4 billion at year-end, ensuring substantial coverage for future investments,” Acsa said.
“In recognition of its strengthened financial position, the Acsa Board has approved the payment of R198 million in accrued preference share dividends and declared R113 million in ordinary share dividends for 2024/25 [largely to government].
“This marks a sharp improvement from 2023/24, when total dividends amounted to R815 million, comprising R768 million for preference shares and R47 million for ordinary shares. The year-on-year growth in ordinary dividends reflects not only Acsa’s stronger balance sheet but also the company’s sustained recovery and renewed capacity to deliver value to shareholders.
ACSA CEO Mpumi Mpofu said the company’s 2024/25 performance consisted of strong financial delivery on one hand, and operational headwinds on the other.
“It has demanded from us commercial discipline, executional rigour, and also humility and renewed accountability,” she said.
“While these challenges were significant, they taught us valuable lessons to focus on preventative maintenance and avoid service disruptions for our stakeholders, the airlines and passengers.”
“This we will achieve through continuous improvement, targeted infrastructure investment and enhanced operational readiness and customer experience.”
Mpofu added that ACSA’s financial results are not only a testament to the resilience of ACSA but also a reflection of South Africa’s broader aviation recovery.
“With a clear strategy to ‘Innovate, Grow and Sustain,’ we are well positioned to support national priorities, foster economic growth in trade and tourism through a modernised aviation sector,” she said.
Looking ahead, ACSA is looking to position itself as a future-ready airport operator through a R21.7 billion capital investment pipeline over the next five years.