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Today, at its annual public meeting, Halifax International Airport Authority (HIAA) reflected on the ongoing impact of the pandemic in 2022, and its ability to push boundaries and reach new heights in the face of global uncertainty.
“At Halifax Stanfield, 2022 was the tale of two airports. From record-low passenger volumes to peak travel days occasionally surpassing pre-pandemic levels, Halifax Stanfield experienced a rapid and dramatic increase in travel demand,” said Joyce Carter, President & CEO, HIAA. “While this certainly created challenges, I’m proud to say our team rose to the occasion.”
Total revenue in 2022 was $111.4 million, up 131 per cent from 2021, as passenger volumes almost tripled from 1.1 million in 2021 to 3.1 million in 2022. This resurgence in passenger activity stimulated both aeronautical and non-aeronautical revenue growth. Non-aeronautical revenue accounted for 55 per cent of total operating revenue, which is in the upper range of historical performance, and a reflection of HIAA’s continued efforts to keep airline fees competitive during this period of recovery.
HIAA’s improved revenue performance helped offset increased operating expenses and the loss of pandemic-related government support, which was reflected in HIAA’s 2021 financial performance.
In 2022, total operating expenses exceeded revenue resulting in a net loss of $7.4 million, compared to a combined loss of $75 million for 2020 and 2021. While HIAA’s financial and activity level recovery is not complete, continued moderate passenger growth over the next several years will eliminate the financial losses experienced over the course of the pandemic and support ongoing financial stability.
“After two years of depressed travel demand and limited revenue, 2022 brought a substantial increase in passenger activity that ultimately generated a significant improvement in financial performance compared to the prior two years,” said Paul Brigley, Vice President, Finance & CFO, HIAA.
Throughout the year, HIAA maintained efforts to focus new initiatives on strategic priorities and necessary investments to maintain the safe and efficient operation of the airport.
“We are proud of the work our employees did in 2022 to meet service expectations, given the rapid resurgence in travel demand,” said Brigley. “While there is still work to do, our outlook remains positive given the strong pace of recovery and forecasted growth over the coming years.”
“Looking ahead to 2023, I feel a tremendous sense of optimism, both for the aviation industry as a whole and our airport, fueled by our vision, tenacity, and incredible team,” said Carter. “While there are ongoing global challenges, we at Halifax Stanfield are well-positioned for continued growth.”
This press release was prepared and distributed by HIAA
