A surge in passenger numbers to record levels has driven another strong financial result for Perth Airport as Western Australia leaves the Covid years behind.
Perth Airport posted a record 17.5 million passengers for FY25, up from 16.1 million (8.5%) in FY24 – with more than half of the growth coming from international passengers.
Revenue grew to $751.8 million (14.4%) driven by the increase in passengers coupled with strong commercial performance across all of business units including higher utilisation of carparks, and new retail and property tenancies.
In line with the growth of the airport and external inflationary pressures, operating expenses grew to $301.5 million (12.7%).
The airport also had a favourable change in fair value of its investment property portfolio and financial instruments. Whilst non-cash items, these contributed strongly to a post-tax profit of $185.5 million.
There was also a 23.6% increase in capital expenditure to $335 million in FY25 as the airport’s ambitious “One Airport” capital works program begins to ramp up.
This figure is expected to grow rapidly in coming years as Perth Airport delivers two multi-storey carparks with access road upgrades, a hotel, new runway, upgraded Terminal 2 facilities, a major expansion of Terminal 1 International, and a new terminal to allow Qantas to move to the central airport precinct.
Perth Airport CEO Jason Waters says the profit result reflects the continuing strong performance of the Western Australian economy in the post-Covid era.
“The underlying story of these results is that when Perth Airport grows, Western Australia grows,” Mr Waters said.
“Our State’s resources sector saw extraordinary growth in our regional passenger numbers throughout the Covid period, and this has continued in FY25.
“This is now being complemented by strong growth in international passengers as we help bring even more overseas travellers to Western Australia.
“We’ve seen new airline and route commencements including Paris, Phuket, Kuala Lumpur, Bangkok, and Johannesburg along with increased capacity into existing markets including Denpasar, Dubai and Singapore.
“This increase in passenger activity has in turn helped drive increases in aeronautical and retail revenue and, to a lesser extent, our ground transport revenue.
“The surge in passenger numbers is further proof of the need for new aviation infrastructure to ensure the future growth of aviation, tourism and the resources sector in Western Australia.”
Mr Waters said the increase in capital investment is more good news for the Western Australian economy.
“I don’t think the community fully appreciates yet the enormity of the construction program we have commenced at Perth Airport.
“This will be the largest ever private investment in infrastructure in Perth’s history. “At its peak, we expect around 4,000 to 5,000 workers on the Perth Airport estate to deliver these projects.
“The new runway project alone, which will move into the major construction phase early in 2026, represents an investment of more than $1 billion over the next four years.
“The FY25 capital investment of $335 million will grow significantly in coming years whilst ensuring the most economically efficient build for our airline partners.
“The end result will be a remarkable transformation of Perth Airport with all flight services contained in ‘One Airport’.”
Mr Waters said the strong financial results were a credit to the Perth Airport Team.
“Our team members bring a passion and commitment to their workplace which underpins everything we do for the people of Western Australia.”
“Our Operations team has helped a record number of passengers while keeping our airport safe and secure. “Our Ground Transport team has managed record demand for our car parking, while dealing with the challenge of building a multi-storey car park.
“Our Projects and Planning team has delivered a remarkable capital investment result while driving ahead the design and planning for the major projects to come.
“Our ‘Skyfields’ property team continues to record almost 100 per cent tenancy rates while delivering new projects and planning for the future development of non-aviation land.
“Across our organisation we have seen remarkable results and our team is looking forward to delivering the major projects which will deliver the future for Perth Airport and Western Australia.”
