· Bounces back from the pandemic impact
· Registered an operating profit of Rs.217.34 Cr.
Giving indications of a prosperous future, Cochin International Airport Limited (CIAL) has made a strong comeback from the impact of the Covid pandemic on the aviation sector. After having incurred a loss of Rs. 87.21 Cr. during the FY 2020-21, the company has registered a profit (before tax) of Rs. 37.68 Cr. for the FY 2021-22. The board of directors met at Thiruvananthapuram with Chief Minister Pinarayi Vijayan at the chair also decided to hold the Annual General Meeting of shareholders on 26th September 2022.
The company has come back from a situation where it incurred a loss of Rs. 87.21 crore in the FY 2020-21 against a turnover of Rs. 252.71 Cr. CIAL, which used to handle around 10 million passengers annually, had to witness a huge drop both in passenger traffic and revenue during the pandemic era. With the eventualities of the pandemic starting to wane, the management implemented new operational strategies and financial restructuring to improve connectivity and general performance. Subsequently, the number of passengers increased from 24.7 lakh during FY 2020-21 to 47.59 lakh in FY 2021-22. The company made a turnover of Rs. 418.69 Cr. for FY 2021-22; registering an operating profit of Rs. 217.34 Cr. The profit before tax is Rs. 37.68 and net profit is Rs.26.13 Cr. In addition to that, CIAL Duty Free and Retail Service Limited (CDRSL), a wholly owned subsidiary of CIAL has also increased its performance as its turnover increased from Rs.52.32 Cr. in FY 2020-21 to Rs. 150.59 Cr in FY 2021-22. The company is eying a total revenues target of Rs. 675 Cr. for the current fiscal. The target worked out for CDRSL for the current financial year is Rs. 270 Cr.
Mr. P Rajeeve, Mr. K. Rajan (Ministers as well as Directors of the Company), Chief Secretary Mr. V. P. Joy, Mr. EK Bharat Bhushan, Mrs. Aruna Sundararajan, Mr. M. A. Yusuff Ali, Mr. NV George, Mr. EM Babu, Managing Director Mr. S. Suhas IAS, Company Secretary Mr. Saji K. George participated in the board of directors meeting.
Despite the crisis, CIAL has successfully implemented many infrastructure development projects. 4.5 MW Arippara hydro power plant, 12 MWp Payyanur Solar power plant have been commissioned during this period. CIAL also started construction of the business jet terminal and completed ‘ Operation Pravah ’, the integrated flood mitigation project. The company resumed the construction of the International cargo terminal. The management's efforts to enhance connectivity have begun to bear fruit. Many airlines, including Akasa Air, the country's newest airline, have started services from CIAL. Several domestic airlines have also started considering CIAL as a de facto hub to start their international services. The company is targeting projects including the start of operations of a business jet terminal in the ongoing financial year.