KOCHI: The Cochin International Airport Limited (CIAL) has said it will commission five mega projects this year, including a new import cargo terminal, by September.
The airport board, which on Monday said it would achieve a turnover of Rs 1,000 crore in the ongoing financial year, an increase of nearly 30% from last year,
Chief Minister Pinarayi Vijayan, who serves as the chairman of the company, chaired the board of directors meeting of CIAL and approved the financial numbers for 2022–23.
As per the approved balance sheet, CIAL posted a net profit of Rs 267.17 crore for 2022–23 on an operating profit of Rs 521.50 crore.
CIAL posts the highest dividend of 35% to the investors, subject to the endorsement of the Annual General Meeting to be held on September 28, 2023.
"This is the highest-ever dividend offered by CIAL in its 25 years of operational history," the CIAL, which is celebrating its silver jubilee year this year, said.
Approving the blueprint for the future infrastructure development plan, CIAL said the new import cargo terminal, aiming to achieve an increase in cargo handling capacity of 150%, is planned for inauguration by September this year.
It is also decided to commence work on four infrastructure development projects.
These include the foundation stone laying for the expansion work project of Terminal-3 at an estimated cost of Rs 500 crore, the commissioning of the new cargo terminal, the 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, and completing the projects in a time-bound manner.
In 2022–23, CIAL registered a turnover of Rs 770.90 crore as against the previous year’s figure of Rs 418.69 crore.
The operating profit (profit before interest, depreciation, and tax) was Rs 521.50 crore, and the net profit was Rs 267.17 crore.
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.
CIAL registered a loss of Rs 85.10 crore during the fiscal 2020–21.
It made a strong comeback by focusing on generating new revenue streams from the non-aero sector and undergoing major financial restructuring.
As a result, the consolidated financial performance of the CIAL group of companies increased, resulting in a record profit (after tax) of Rs 267.17 crore from the huge loss.
Chief Minister Pinarayi Vijayan, also the chairman of the company, ministers and directors P Rajeev and K Rajan, chief secretary VP Joy, directors, E K Bharath Bhushan, M A Yusuff Ali, N V George, E M Babu, P Mohammadali, managing director of CIAL S Suhas, and company secretary Saji K George attended the board meeting.