MacroAsia says income hits P851.14 million

HIGH revenues lifted MacroAsia Corp.’s attributable net income last year to P851.14 million, almost double its earnings in 2022, the listed aviation-support provider said on Tuesday.

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

With the improvement logged last year, the company expects to continue this upward trajectory in 2024.

“The momentum of growing MAC’s top line 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,” it said.

The company’s net income attributable to parent equity holders reached P851.14 million last year, significantly higher than P446.08 million in 2022.

Its gross revenue for the period hit P8 billion, 63.9% higher than P4.88 billion in the previous year.

Broken down, in-flight and other catering boosted its overall revenues at P3.98 billion, up by 73.8% from P2.29 billion in 2022; followed by ground handling and aviation revenues at P3.14 billion, rising by 53.2% from P2.05 billion previously.

Water distribution revenues climbed by 19.9% to P617.5 million from P515 million; connectivity and technology services revenues hit P215.6 million; and administrative fees revenues went up by 53.3% to P46.6 million from P30.4 million in 2022.

“The momentum for top line 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,” it said.

MacroAsia’s gross expense for 2023 was recorded at P7.34 billion, a 54.2% increase than P4.76 billion in 2022.

Lufthansa Technik Philippines, the company’s aircraft maintenance, repair, and overhaul associate, generated a net income share of P562.14 million to the company, which it said was higher by P62 million from its share in 2022.

At the local bourse on Tuesday, shares in the company gained P31 or 7.85% to end at P4.26 apiece. — Ashley Erika O. Jose