CIAL posts record profit of Rs 267 cr, declares highest dividend of 35%

Cochin International Airport Ltd., the first airport construction at Greenfield in the Public Private Partnership (PPP) model in the country’s civil aviation infrastructure sector, on Monday announced a record net profit of Rs 267.17 crore for the year 2022-23.

In a statement released here, the company also reported its highest dividend payout of 35 percent for the past fiscal year.

The Board of Directors meeting, chaired by Chief Minister Pinarayi Vijayan, held today, finalized the balance sheet and proposed a 35 per cent dividend to investors, subject to endorsement by the annual general meeting scheduled for September 28, said Syal.

The company said this was the highest dividend it has ever paid in its 25-year operating history.

“The Board of Directors has also decided to implement a development strategy that highlights its efforts to increase the Group’s turnover to Rs 1,000 crore during the ongoing Silver Jubilee year,” the statement said.

Chief Minister Pinarayi Vijayan, Chairman of the Company, CIAL Directors – Minister of Industry P Rajeeve, Minister of Revenue K Rajan, Chief Secretary, VP Joy, EK Bharath Bhushan, MA Yusuff Ali, NV George, EM Babu, P Mohammadali-, Managing Director of CIAL, S Suhas and Company Secretary, Saji K George, attended the board meeting.

The company posted a loss of Rs 85.10 crore for the 2020-2021 financial year but came back strong from the pandemic prospects in 202122 and recorded a profit of Rs 22.45 crore.

“The company has invigorated new revenue streams, and a significant financial restructuring has been introduced. As a result, the consolidated financial performance of the CIAL group of companies has increased, resulting in a record profit (after tax) of Rs. 267.17 crore from huge losses,” he said.

CIAL handled 89.29 lakh passengers and 61,232 aircraft movements during the period under review.

“During the year 202223, CIAL alone recorded a turnover of Rs. 770.90 crores as against the previous year’s figure of Rs. 418.69 crores. Operating Profit (EBITDA) was Rs. 521.50 crores and Net Profit was Rs. 267.17 crores. This also represents a performance a record financial in the company’s 25-year operating history.”

It said that the new import freight terminal, which aims to achieve an increase in cargo handling capacity by 150 percent, is scheduled to start operating in September, along with the start of work on four infrastructure development projects.

These include breaking ground for a Rs 500 crore expansion works project in Terminal 3, commissioning of the new freight terminal, start of infrastructure projects on the city side, a transit accommodation facility in T2, a business district near T3, and a tourist area. Project in Seal Golf Course.

The company has a base of 22,000 investors from 25 countries.