MacroAsia Corporation, an airline services firm controlled by taipan Lucio Tan, reported that record revenues led to a 132 percent surge in consolidated net income of P1.07 billion in 2023, more than double the P461.43 million earned in 2022.

In a disclosure to the Philippine Stock Exchange (PSE), the firm said it posted consolidated revenues of P8 billion in 2023, a record in its operating history, 64 percent better than its 2022 consolidated revenues of P4.88 billion. 

“This performance is driven by the strong rebound of its core aviation services units, amply supported by its business units that rapidly grew with non-aviation related revenue sources,” MacroAsia said. 

About P2 billion or 24 percent of its 2023 revenues came from activities outside of the airport, in contrast to 2019 where non-aviation revenues amounted to only P443 million or seven percent of the consolidated revenues then. 

The momentum for topline growth was driven by the Group’s strategy to diversify especially during the pandemic period when airports were constrained by passenger mobility and flight restrictions.

Food segment revenues significantly improved to P3.98 billion in 2023 from 2022’s P2.29 billion, a 74 percent increase. The growth is driven by the increase in passenger meal sales in the airport, as well as the robust growth of MacroAsia’s institutional food service clients outside of the airport. 

Ground-handling and aviation services contributed P3.14 billion, from P2.05 billion in 2022, a 53 percent improvement driven largely by flight volume growth in the airports. The ground handling and aviation revenues contributed 39 percent of the total revenues.

Revenues from water operations contributed 8 percent of the total revenues, as revenues increase by 20 percent to P617.49 million in 2023 from P515 million in the previous year. 

Connectivity and technology services revenue contributed P215.63 million arising from contracted projects in 2023.

MacroAsia’s aircraft maintenance, repair and overhaul associate, Lufthansa Technik Philippines (LTP) contributed a net income share of P562.14 million to the Company. This is P62.33 million higher than the share of P499.81 million booked in 2022. 

LTP’s income in 2023 is higher due to the significant improvement in its base maintenance business as more foreign airlines had their planes repaired in the LTP facility in the MacroAsia Special Ecozone in NAIA.

The Company’s recorded consolidated net income after tax of P1.07 billion for 2023 was driven largely by the business volume growth across all the Group’s business units.

“The momentum of growing MAC’s topline and bottom line continues in 2024, as the Company banks on the inroads it has made to penetrate new markets as part of its initiatives during the difficult pandemic period while coping with the robust return of aviation travel in the key airports where the Company operates,” MacroAsia said.