Winnipeg Airports Authority turned a profit in 2023: report

The Winnipeg Airports Authority (WAA) officially turned a profit in 2023 – the first time since the start of the pandemic.

According to the organization’s 2023 Financial Report, it ended the year with a net income of $14.9 million – a big improvement over the $5.5 million loss noted in 2022.

WAA said the positive development is a result of “stronger revenue growth despite an increase in operating expenses, driven by persistent inflation and the additional impact on key contract renewals.”

WAA also experienced significant growth in the domestic sector and said summertime was particularly notable.

Last year, Winnipeg Richardson International Airport welcomed around 4.1 million passengers, which is a 35 per cent increase from 2022, and around 91 per cent of its 2019 numbers.

Revenue for the year also ended on a positive note with $163.9 million, which is a $32.1 million increase from 2022.

“The change is attributed to an overall increase in capacity as airlines added seats in the market to meet pent-up demand,” said WAA.

WAA also paid down some of its total bond debt, ending the year at $638.5 million – compared to 2022’s $650 million.

According to a press release from WAA released Thursday, passengers flying out of Winnipeg in 2023 could choose from 47 non-stop destinations and had 12 per cent more routes available to select than in the previous year.

View original article here Source