Queenstown Airport delivers record $19.6m dividend

Queenstown Airport will pay shareholders a record dividend of $19.6 million off the back of a year that saw more passengers than ever.

It means for majority shareholder the Queenstown Lakes District Council an extra $14.7 million on the books, or $485 per ratepayer.

An interim dividend of $5.3 million was paid to shareholders in February, and the remainder will be distributed this month.

Queenstown Airport Corporation board chair Adrienne Young-Cooper says in a statement issued by the airport, "We are pleased to be in a position to pay a higher than normal dividend this year ahead of significant investment in our infrastructure”.

Other key numbers in the airport's annual report, released today, include $64.7 million in revenue and 2,487,610 passenger movements - both setting fresh records.

Meanwhile the airport is reporting normalised profit of $23.2 million, with earnings before interest, tax, depreciation and amortisation of $46.2 million.

"The results confirm the company’s strong recovery from the pandemic and are in line with forecast activity levels," Mrs Young-Cooper says.

Demand for seats on trans-Tasman flights was noteworthy, while domestic demand remained steady.

For chief executive Glen Sowry, a highlight of the year was the completion of a master plan for the airport, which will guide millions of dollars of investment in infrastructure over the coming decade.

“We do not underestimate the responsibility we have in managing such an important community asset and we are confident our plan strikes the right balance between investing in the future and protecting what makes Queenstown Airport and our region unique,” Mr Sowry says.

A substantial programme of work to create detailed development plans for the airfield, the terminal, the landside spaces around the terminal, and services and utilities is now under way.

Adrienne Young-Cooper is set to leave the board after QAC's AGM in October.

“The resultant capital works programme will be the largest ever undertaken at Queenstown Airport,” he says.

“It will be challenging to manage the complexities of this while normal operations continue, but we have our sights fixed firmly on delivering a world-class outcome.

"We will use innovation and carefully considered design to develop an efficient, customer-focused airport that reflects this beautiful region well, and meets the needs of its population far into the future.”

The first major project arising from the master plan is the installation of an engineered materials arresting system - or EMAS - at either end of the main runway, which is to begin late this month.

No other airport in New Zealand or Australia has this technology.

During the financial year cafe and bar Provenance was opened, the international departure lounge was upgraded, an extra security screening lane established, and additional self-service technology installed at check in.

The company’s annual general meeting will be held in October, when Mrs Young-Cooper will retire from the board having served the maximum two terms allowed.

The full annual report is available to download here.

Main image (Facebook/Queenstown Airport)