LISTED aviation-support provider MacroAsia Corp. recorded P446.08 million in attributable net income last year, turning around from a net loss of P2.16 million a year earlier, as revenues more than doubled with the easing of travel restrictions.
“Due to less-restrictive measures of the country and other governments in the region, travel and tourism in 2022 saw a rebound,” the company said in a disclosure on Monday.
In 2022, the company’s revenues reached P4.88 billion, up by 2.5 times the P1.95 billion in 2021.
“MacroAsia saw domestic travel volumes in 2022 climb to pre-pandemic levels, with international travel trailing closer to 2019 pre-pandemic level,” the Lucio C. Tan-led company said, citing the easing of restrictions worldwide.
Revenues from in-flight and other catering accounted for P2.29 billion of revenues in 2022, almost three times the P592.16 million in 2021, the company’s financial statement shows.
Revenues from ground handling and aviation reached P2.05 billion, a 95% jump from the P1.05 billion booked in 2021.
During the pandemic, MacroAsia saw its airport-related businesses greatly affected by travel restrictions, prompting it to adjust its strategy by growing other businesses not related to aviation.
“Thus, 24% of the topline for MacroAsia in 2022 now comes from non-airline-related activities,” the company said.
In 2022, revenues from water distribution reached P515 million, up by 85.8% from P277.19 million in 2021.
Meanwhile, administrative fees generated revenues of P30.44 million, up by 4.5% from P29.12 million.
A portion of the company’s catering revenues came from its commissary in Muntinlupa City, which it said became a “significant revenue pillar” for its food group.
For 2023, MacroAsia expects to be on track for revenue growth as the aviation business recovers and as it continues to expand its non-airline-related business.
“The momentum for MacroAsia’s revenue growth in 2023 is apparent, as the aviation services industry tracks towards strong recovery while the non-airline businesses of the group continue to expand,” it said.
On Monday, shares in MacroAsia closed unchanged at P4.88 apiece. — Justine Irish D. Tabile