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CAM Holds Annual General Assembly Ordinary Meeting (2023)

2023 / 03 / 30

Macau International Airport Company Limited (CAM) held the Annual General Assembly Ordinary Meeting on 29th March 2023, approval was obtained for the resolution of the 2022 Annual Report, Financial Accounts and Supervisory Committee Report, proposal of Profit Appropriation, report on the financing of Land Reclamation for the expansion project of Macau International Airport (MIA), the election of member for corporate bodies and other issues related to the business of CAM.

In 2022, the global pandemic was still lingering due to the impact of highly infectious COVID-19 variants. Many countries suffered from the large scale rebounded of the outbreaks which continues to affect the recovery of the air transport industry. Macau International Airport handled over 13,000 aircraft movements with a year-on-year decrease of 13.6% while 599 thousands passengers were received in 2022, representing a yearly decline of 47.8%. The operation of business jets dropped 1.6% with 304 movements recorded while managed to reach cargo volume of over 51 thousand tonnes with a year-on-year increase of 5.8%. The total revenue of MIA’s main operators (including CAM) is estimated to reach 1.4 billion (Patacas, same below) with a yearly decline of 31.5%.

CAM and its team are sailing against the epidemic. Under the premise of ensuring safe operation of MIA, aside from dealing with the enormous expenses on airport operations, CAM has also invested all necessary manpower and resources in the prevention and control of the epidemic. Despite the fact that CAM is facing operating losses, the company continues to support and offer relief measures to airlines and airport operators, so as to incentivize them to maintain services for passengers and the industry in the hard time and to alleviate their operating pressure brought by the epidemic. At the meantime, CAM has been keeping up the pace on airport development, a number of airport facilities, equipment upgrade and infrastructure projects were carried out in an orderly manner. In fiscal year of 2022, the total revenue of CAM has reached 426 million, with a yearly decrease of 26.7%. Due to the decline in revenue, a loss of 567 million is incurred, representing an increase of 9.1% year-on-year, while about 60% of the loss contributed by depreciation expense, which is of non-cash nature. CAM always strives for cost control and reduction while adheres to prudent cash flow management principles and is able to maintain its cash level to meet current business requirement.

Ever since the global spread of COVID-19 marked three years ago, Macau International Airport  actively cooperates with the SAR Government on the implementation of prevention measure and enforces infection control with necessity. Furthermore, CAM constantly reviews and adjusts the management and control over the public environment systematically in response to the dynamics of pandemic in a timely manner and stand fast to remain at air portal of Macau. CAM has been engaging itself actively in preparation on market research and feasibility analysis for business recovery to accelerate the pace of recovery and market exploration. At present, the daily flight movement of MIA has resume to 70% of pre-pandemic level (2019), of which the flight movement in Mainland and Taiwan regional routes has been restored to 90% and 60% compared to that of pre-pandemic level (2019), respectively; Southeast Asia routes has returned to about 30% of the same period in 2019. The average daily passenger volume has risen to 9,000 to 10,000, representing 40% of the same period in 2019 and it is believed that flight movement and passenger volume of MIA will maintain gradual and steady growth. Looking ahead to 2023, the passenger traffic and flight movements of MIA are projected to recover by about 34% and 40% of those of pre-pandemic level (2019), respectively.

During the General Assembly Meeting, new members of corporate bodies have been elected. It is expected that under the new company leadership, CAM will continue to adhere to the core value of “Safety, Efficiency and Effectiveness” steadfast, respective duties are to be fulfilled within each professional scopes while accelerating the pace of market recovery with dynamic adjustments. At present, willingness on tourism consumption has changed from cautious to positive and it is expected that travel and tourism market will usher in a full resumption. MIA will continue to actively cooperate with the Macau SAR Government aiming to build a World Centre of Tourism and Leisure and promote the diversified development of tourism and leisure. At the same time, we aim to fully engage itself to cope with building of Guangdong-Macao In-Depth Cooperation Zone in Hengqin, so as to pragmatically accelerate the development of the Guangdong-Hong Kong-Macao Greater Bay Area for better implementation of the National development strategy. Macau International Airport continues to shoulder the air gateway connecting Macau to the world and sincerely serving the citizens and visitors abroad.