Operating profit Rs.521.50 Cr.; Net profit Rs. 267 Cr
Treading a new path in the Indian aviation sector during the post-pandemic era, Cochin International Airport Limited posted a net profit of Rs.267.17 Cr for 2022-23. The Director Board meeting chaired by Chief Minister Pinarayi Vijayan, held today finalised the balance sheet and proposed a dividend of 35 % to the investors subject to the endorsement of the Annual General meeting slated to be held on 28th September 2023. This is the highest ever dividend offered by CIAL in its 25 years of operational history. The board also decided to implement a development strategy accentuating its effort to increase the group turnover to Rs.1000 Cr. during the ongoing silver jubilee year.
CIAL had registered a loss of Rs.85.10 Cr. for fiscal 2020-21, CIAL made a strong comeback from the eventualities of the Pandemic in 2021-22 as it registered a profit of Rs.22.45 Cr. The company activated new revenue streams and major financial restructuring has been introduced. As a result, the consolidated financial performance of CIAL group of companies increased resulting in a record profit (after tax) of Rs. 267.17 Cr from the huge loss. During 2022-23, CIAL has alone registered a turnover of Rs. 770.90 Cr. as against the previous year’s figure of Rs.418.69 Cr. The operating profit (profit before interest, depreciation and tax) was Rs. 521.50 Cr. and the net profit was Rs.267.17 Cr. This also marks a record financial performance in the 25-year operating history of the company. CIAL handled 89.29 lakh passengers and 61,232 aircraft movements during the period under review.
5 Mega Projects in September
The Board has also approved the blueprint of future infrastructure development plan which envisages on time completion of mega projects. The commissioning of new import cargo terminal aiming to achieve an increase of cargo handling capacity by 150 % is planned in September. Along with this, it is decided to commence the work of 4 infrastructure development projects. These include the foundation stone laying for the 500 cr. expansion work project of Terminal-3, commissioning of new cargo terminal, beginning of city side infrastructure projects; a transit accommodation facility at T2, a commercial zone near T3 and a tourism project at the CIAL Golf Course.
The Board of Directors has proposed a dividend of 35% to the investors which will have to be endorsed in the annual general meeting slated to be held on 28th September 2023. The company has a base of 22,000 investors from 25 countries.
Chief Minister Pinarayi Vijayan who is also the chairman of the company, P. Rajeeve, K.Rajan, ministers and directors, V.P.Joy, Chief Secretary, E.K.Bharath Bhushan, M.A.Yusuff Ali, N.V.George, E.M. Babu, P Mohammad Ali (directors), S.Suhas, Managing Director, CIAL and Saji K.George, Company Secretary have attended the Board meeting.