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AFL achieves record breaking profit

 

Jun 04, 2016 11:55:38 PM

AFL achieves record breaking profit Airports Fiji Limited (AFL) achieved a record breaking profit before tax of $46.04 million last year, the highest to date.

The company recorded a profit of $18.02 million in 2014 and $16.02 million in 2013.

AFL Executive Chairman Faiz Khan while announcing the financials of the company said the results include interest income of $1.02m from term deposits compared to interest expense of $0.63m.

“This meteoric turnaround in profits was made possible through a successful restructure of our revenues and expenditure. 2015 was a year in which we recorded highest operating revenues and lowest operating expenses over the past 5 year period,” he said.

“The full effect of the revenue restructure will be seen in 2016 and beyond. Our EBITDA (Earnings before Interest Taxation Depreciation and Amortization) in 2015 was $44m. 2016 EBITDA is forecasted at around $80m. Only as far back as 10 years ago we were breaking even or making losses.”

He said the Fijian Government’s vision is to improve airport facilities the network connectivity throughout Fiji and globally and improve service standards and that is why they are carrying out multi-million dollar upgrades at Nadi International Airport.

“We hope all Fijians will be proud of this iconic landmark once completed.”

“We are also spending millions in improving our air traffic surveillance capabilities; lengthening the Rotuma runway; planning a new terminal and longer runway at Nausori; exploring the possibility of a new airport in Vanua Levu; extending the Matei runway; building new terminals in Koro and Vanuabalavu that were destroyed after TC Winston; etc.”

“We have a busy schedule over the next few years.

He also paid tribute to the staffs for achieving exception results and added that AFL is going through a human resource evolution.

“We have managers in 30s who contribute exceptionally. We also have managers in their 60s who perform remarkably. Age is no barrier. We are really excited about the many future leaders we see all around us.”

“One point we would emphasize above most is that infrastructure cannot be built with money alone. We need people for their ideas, contributions, hard work, dedication and vision in order to build. AFL has a great team that believes in effective communication and delivery.”

“We believe in continual improvement and growth. We believe in the ability to make courageous decisions and overcome challenges. We believe in the value of time. We believe in humility and respect. Without our team we will neither achieve these meteoric profitability turnarounds nor be able to build infrastructure to world class standards,” he concluded.

By Reginald Chandar

Rythm

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