The Ghana Airports Company Limited (GACL) says it has recorded a notable profit after a tax of GHC87million, against the 2016 tax figure of GHC153million.

This, the company attributed to the removal of the 17.5% VAT on domestic airfares in the country as announced by Finance Minister Ken Ofori-Atta in the 2017 budget reading.

Globally, Aviation generates USD72.5billion in economic activities and provides 6.8 million jobs.

But in Africa, the proportion of global tourism is receding as the continent’s share shrinks from 4.8% of global returns in 2006 to 3.3% in 2016.

In Ghana, although the 2017 net profit of about GH87million was not historic compared to recent years, GACL chalked a massive total revenue of over GH440million which is 21% above the previous year.

Presenting the 2017 Annual Report for the company, Board Chair for GACL, Oboshie Sai-Coffie said, the company also witnessed an increase in passengers, air traffic movements and freights in the face of market uncertainties.

According to him, Stated Capital went up to GHC4.855billion in 2017 from GHC1million in 2016, representing an increase of GH4.854billion.

“During the year under review, the following transfers were made into the Stated Capital account after a decision had been made by the board. Income surplus was GH1.6billion, other reserves was GH1.02 million, revaluation surplus was GH3.177 billion and Government of Ghana capital support was GH12.676 million.

It is also gratifying to note that the company played host to the 1st African Aerospace Conference and Exhibition in Ghana from October 24th -26th, 2017. The event put Ghana on the world map as far as aviation was concerned and attracted over 300 exhibitors, 15000 trade visitors, 150 participating delegates as well as local and foreign media.” Mr Sai-Coffie stated.

Presenting the Operational and Financial Performance Report for the company, Managing Director of Ghana Airports Company Limited (GACL), John Dekyem Attafuah said he was optimistic with the new strategies put in place, the company will be able to maintain its performance from last year.

“The company’s financial position recorded an improvement in growth in the balance sheet size and the quality of infrastructure.

Total non-current asset increased by 19% to GHC6.4billion (2016 was GHC5.4billion) driven by the increase in property, plant and equipment.

The total asset also increased by 15% to GHC6.7billion (2016 was GHC5.8billion).

Total assets value per share increased by 15% to GH1, 383 (2016 was GH1, 202). Liquidity dipped, posting a ratio of 1.87 in 2017 against 6.9 in 2016 which was below the industry index of 2 times or more.

Despite these uncertainties and challenges with the macroeconomic situations in 2017, most of which were out of the company’s control, management is confident that the completion of Terminal 3 will create opportunities for further growth in the business.”

This year’s Annual Report and Financial Statement Meeting was attended by the Minister for Aviation, Joseph Ada as well as representatives from the Ministry of Finance and the State Enterprise Commission.