Ghana Airports Company Limited (GACL) increased its total income, assets and equity in 2025 despite recording declines in revenue from its core aeronautical and non-aeronautical operations.

According to the 2025 State Ownership Report by the State Interest and Governance Authority (SIGA), GACL’s total income increased by 10.57 per cent, from GH¢2.25 billion in 2024 to GH¢2.48 billion in 2025.

The growth was supported by GH¢578.28 million in other operating gains, compared with GH¢157.70 million in 2024.

The additional income comprised mainly revaluation and other non-operating gains, which helped offset declines in revenue generated from airport operations.

The company ended the year with a net profit of GH¢355.94 million and an operating profit of GH¢832.24 million.

Assets rise above GH¢10bn

GACL’s total assets increased by 3.92 per cent, from GH¢9.85 billion in 2024 to GH¢10.23 billion in 2025.

Non-current assets also increased by 2.33 per cent, from GH¢8.56 billion to GH¢8.76 billion.

The company’s equity position strengthened by 13.43 per cent, rising from GH¢2.90 billion in 2024 to GH¢3.29 billion in 2025.

The growth was driven by an increase in retained earnings to GH¢419.45 million, from GH¢70.52 million in the previous year, as well as a revaluation surplus.

The stronger equity base meant a greater proportion of the company’s assets was financed through shareholders’ funds rather than liabilities.

Financial leverage improves

GACL reduced its debt-to-assets ratio from 0.71 times in 2024 to 0.68 times in 2025.

The company’s equity multiplier also improved from 3.40 times to 3.11 times.

According to the report, both developments indicated lower financial leverage and reduced reliance on debt to finance the company’s assets.

Total liabilities remained broadly unchanged at GH¢6.95 billion but declined as a proportion of total assets, from 70.59 per cent in 2024 to 67.89 per cent in 2025.

Reported interest-bearing liabilities declined sharply from GH¢718.91 million to GH¢125.97 million, representing a reduction of about 82.48 per cent.

The company’s listed obligations included GH¢2.12 billion owed to the government, GH¢185.36 million in commercial loans, GH¢2.61 billion in external loans and GH¢125.97 million in bank overdrafts.

Trade and other payables stood at approximately GH¢1.57 billion, with other liabilities amounting to GH¢166.99 million.

Liquidity position strengthens

GACL’s current ratio improved from 0.57 times in 2024 to 0.73 times in 2025, reflecting some strengthening in its short-term liquidity position.

The improvement was supported by a 14.39 per cent increase in current assets, which outpaced an 11.01 per cent rise in current liabilities.

However, the current ratio remained below the benchmark of one, meaning the company’s current assets were insufficient to cover all short-term obligations.

The gap between available short-term resources and liabilities nevertheless narrowed during the year.

GACL’s interest-cover ratio stood at 1.69 times, indicating that its operating earnings remained sufficient to cover finance costs, although the ratio declined from 2.22 times in 2024.

Operating revenue declines

Despite the increase in total income, GACL’s operating revenue declined by 9.15 per cent, from GH¢2.02 billion in 2024 to GH¢1.83 billion in 2025.

Aeronautical revenue decreased by 4.59 per cent, from GH¢1.51 billion to GH¢1.44 billion.

Non-aeronautical revenue recorded a sharper decline of 48.74 per cent, falling from GH¢504.52 million to GH¢389.34 million.

Operating profit subsequently declined by 11.06 per cent, from GH¢935.69 million to GH¢832.24 million.

The company’s operating profit margin, however, remained broadly stable, declining marginally from 44.79 per cent to 44.05 per cent.

Profit remains strong despite decline

GACL’s net profit declined by 30.64 per cent, from GH¢513.17 million in 2024 to GH¢355.94 million in 2025.

The net profit margin decreased from 24.56 per cent to 18.84 per cent, while return on assets fell from 5.21 per cent to 3.48 per cent.

Return on equity also declined from 17.72 per cent to 10.83 per cent.

The report attributed the weaker profitability to the decline in operating revenue, higher operating expenses, increased employee costs and depreciation.

Finance costs also increased by 16.58 per cent to GH¢492.16 million.

GACL’s cost-recovery ratio declined from 1.37 times in 2024 to 0.83 times in 2025, indicating that revenue from its core operations did not fully cover operating costs.

Operating cash flow declines

Net cash generated from operating activities fell by 68.34 per cent, from GH¢2.26 billion in 2024 to GH¢715.79 million in 2025.

The report explained that the 2024 figure had been boosted by an exceptional working-capital inflow.

The ratio of operating cash flow to revenue consequently declined from 1.12 times to 0.39 times.

Short-term debt coverage also fell from 100.16 per cent in 2024 to 35.58 per cent in 2025, pointing to a reduced capacity to settle short-term debt using available liquid resources.

Net cash used for investing activities declined from GH¢2.31 billion to GH¢327.79 million.

Financing activities recorded a net outflow of GH¢455.52 million, compared with an inflow of GH¢147.81 million in 2024.