Singapore’s Changi Airport set a new all-time record for passenger movements in 2024, rising 9% year-on-year to 68.4 million, according to information from operator Changi Airport Group (CAG). Aircraft movements grew by 8% to 371,000.
The figures formed part of CAG’s FY24 financial results, published Thursday, with the company seeing its FY24 net profit almost double year-on-year to SG$841 million (US$651 million), up from US$431 million (US$334 million). Adjusted EBITDA grew by 22% year-on-year to SG$1.47 billion (US$1.14 billion) on a 13% increase in group revenue to SG$3.07 billion (US$2.38 billion), primarily driven by an increase in passenger traffic.
CAG noted that it spent almost SG$1 billion (US$774 million) in 2024 to refresh and expand airport facilities as well as to advance the development of Changi East. Significant investment is expected in the coming years following the recent groundbreaking of Terminal 5, it added.
“CAG’s strong financial performance reflects the uplift in air travel during FY24/25,” said CAG’s CEO, Yam Kum Weng.
“Changi Airport benefitted from broad-based traffic growth as well as the launch of services by new airlines and addition of new city links.
“We continued to invest in Changi Airport’s infrastructure to ensure operational resilience and expand capacity to meet future traffic demand. At the same time, we remained judicious in managing our operating expenses despite inflationary pressures.
“The global economic environment is now in flux and the impact of trade tensions on the aviation industry is far from certain. It is important for CAG to focus on our fundamentals to improve our operational capabilities and efficiency. We will also continue to strengthen our collaboration with the aviation ecosystem partners to deliver the best Changi Experience for our passengers.”
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