May 9, 2024
Today, at its annual public meeting, Halifax International Airport Authority (HIAA) announced a return to financial sustainability, marked by a substantial increase in passenger volumes and revenue growth.
HIAA is reporting net income of $16.0 million in 2023 compared to a loss of $7.4 million in 2022. This turnaround comes as travel demand and available capacity approached historical norms, resulting in a significant boost in activity and revenue after three years of limited travel demand and diminished financial performance.
“In 2023, HIAA laid a solid foundation upon which we are excited to build,” said Joyce Carter, President & CEO, HIAA. “We worked together to restart and recruit numerous air passenger services, welcome millions of travellers, and build the systems needed to thrive long-term. I’m proud of the way we handled these challenges by harnessing the dedication of our team and partners to provide the seamless service Halifax Stanfield is known for.”
Total revenue was $139.5 million, up 25 per cent from 2022, as passenger volumes and airline seat capacity increased across Halifax Stanfield’s domestic, international, and transborder sectors. Strong overall passenger volumes, which were up 15 per cent, contributed to general airport operations and the airport capital improvement program, dramatically improving bottom-line performance.
Both aeronautical and non-aeronautical revenue increased in 2023. Non-aeronautical revenue, in particular, rose 26 per cent, providing more flexibility for future years as HIAA competes for expanded air service capacity for the community.
HIAA’s increased revenue outpaced growth in expenses, which increased by $4.7 million compared to 2022. While HIAA continues its efforts to limit expense growth, the increase in overall airport activity levels required more up-front spending, and the impacts of inflation drove up the cost of many services and supplies.
“This large positive swing in our financial results is very gratifying after the rapid deterioration in performance that we saw in 2020 and 2021 when the pandemic severely restricted travel demand,” said Paul Brigley, Vice President, Finance & CFO, HIAA. “Our positive financial position means that HIAA can continue to focus on strategic capital investments and delivering positive experiences for our passengers.”
HIAA continued to focus capital expenditures on strategic priorities and necessary investments to maintain safe and efficient airport operations. In 2023, capital expenditures totalled $30.1 million, a 23 per cent increase from 2022. In the coming years, HIAA will continue investing in facility and process improvements to meet rising peak-hour capacity constraints, sustainability goals, and planned accessibility enhancements.
“I am incredibly proud of the team’s achievements over the past year,” said Carter. “The dedication of the entire HIAA team has energized our operations and created a tangible feeling of excitement for the future. Truly, I can’t wait to see where this momentum takes us next!”
Click here to download HIAA’s 2023 Annual Report, Momentum, and read more about the organization’s accomplishments and performance.
HIAA’s 2023 Highlights
- Welcomed 3,579,293 passengers in 2023 – a 15 per cent increase over 2022.
- Launched Uplifted – its revitalized community outreach and sponsorship program.
- Implemented universal self-serve bag drops available for all airlines, enhancing user experience and extending functionality in the check-in hall.
- Welcomed new restaurants to enhance the airport experience – JJ’s Snack Bar in U.S. departures and The Pizza Box in Domestic/International.
- Completed construction of a new taxiway on Runway 14, improving Halifax Stanfield’s safety and efficiency and lowering its carbon footprint.
- Implemented the new YHZ Express and Verified Traveller programs, streamlining passengers’ experience through security.
- Achieved ACI-North America Airport Carbon Accreditation Level 3 in recognition of its ongoing work to lead a sustainable future.
- Implemented accessible check-in kiosks and a curbside assistance paging system.
- Became the first airport authority in Canada to be Rainbow Registered and officially accredited as a 2SLGBTQI+ welcoming and inclusive place.
- Began constructing a new International Connections Facility to make international travel easier for passengers.
- Celebrated reaching over two years with zero lost-time injuries.
- Upgraded Runway 14 approach lighting to energy-efficient LED technology.
- Processed 39,450 metric tonnes of cargo, including thousands of tonnes of world-famous Nova Scotia lobster.