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Sat, Nov

Ghana Airports Company posts strong financial performance

Business & Economy

The Ghana Airports Company Limited has posted a significant financial growth in its 10 years of operations.

The Ghana Airports Company Limited has posted a significant financial growth in its 10 years of operations.

 

According to the Managing Director, John Dekyem Attafuah, the company’s revenue grew from GH¢21 million in 2007 to GH¢363 million in 2016, with the total capitalization also surging over 44 times from the initial GH¢130 million to GH¢5.8 billion.

Mr Denkyem Attafuah said this last week during the company’s fifth Annual General Meeting in Accra, which also coincided with its 10 year anniversary.

He assured that despite the company’s success in capacity, infrastructure and human capital, it would continue to strive to sustain its performance from previous years.

“We will develop appropriate operational and financial strategies that will transform and prepare us for the opportunities and challenges ahead,” he stated.

Presenting highlights of the company’s performance in the 2016 financial year under review, the MD said there was a 3.3 per cent decline in aircraft movements in 2016.

Whilst the 2015 financial recorded 37, 611 movements, it declined to 36,354 last year.

“The decline was due to a drop in domestic aircraft movement as Antrak Air and Starbow, temporarily suspended flight operations during the year on technical grounds,” he said.

Mr Dekyem Attafuah explained further that passenger traffic for 2016 of 2,381,917 rose marginally by 1.4% over that of 2015 of 2,350,118.

“International passengers contributed to the growth, following conferences held and a number of tourists who visited the country. It is important to note that Valued Added Tax imposed on domestic air travel at the time, partly suppressed expected growth,” he said.

On safety, the MD indicated that despite threats in the aviation industry, Ghana’s airports remained safe.

He said the company took steps to implement enhanced security measures, including the introduction of pre-departure screening of all persons entering the International Departure Terminal at KIA, among others.

With regards to human capital, Mr Dekyem Attafuah, revealed that the company commissioned Price Waterhouse Coopers to provide professional assistance in reviewing ‘as is’ situation of the company and recommend related institutional capacity  improvement solutions.

He stated that these would help transform the company into a commercially-driven organization.

According to him, the key objectives of the project is to Review & design GACL organizational structure, functions and role description, establish relative worth of all discreet jobs within GACL as a basis for ensuring fair and equitable compensation and ascertain staff and requirements.

The GACL Board was also inaugurated at the Annual General Meeting. The members are Kwabena Addo Atuah, Kwasi Baah Boakye,Kofi Owusu Sekyere, Kwesi Fynn, Kojo Addae Mensah and Comfort Boohene Osafo.

The rest are Prosper Amewu, John Dekyem Attafuah, Managing Director and Mrs Oboshie Sai Cofie as Board Chairperson.


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