How South Africa’s airports company (ACSA) turned R472m into R1.1bn in a year
ACSA posts R1.1bn profit as SA’s busiest airports undergo major upgrades
Airports Company South Africa (ACSA), the operator of South Africa’s busiest airports including O.R. Tambo and Cape Town International, has recorded a landmark net profit of R1.1 billion for the 2024/25 financial year — more than double last year’s R472 million. This makes ACSA one of the rare state-owned enterprises (SOEs) delivering consistent returns to government shareholders.
The company, 75% state-owned with the remainder held by the Public Investment Corporation (PIC), empowerment partners, and staff incentive schemes, saw revenue climb 13% to R7.9 billion. Both aeronautical services and non-aeronautical streams, the latter now contributing nearly half of total revenue, powered the growth.
EBITDA rose to R2.9 billion, underpinned by strong cost control and robust internal governance. Capital expenditure also increased to R861 million, supporting long-term infrastructure expansion. ACSA’s total assets now stand at R32 billion, with a net debt-to-capitalisation ratio of just 8% and liquid assets of R3.4 billion.
Reflecting this strong performance, the Board approved R198 million in preference share dividends and R113 million in ordinary share dividends. While total dividends fell from R815 million in 2023/24, ordinary shareholders saw their payouts increase significantly, demonstrating ACSA’s improved capacity to create shareholder value.
“Despite operational challenges, this year’s performance shows our ability to balance financial discipline with service excellence,” said CEO Mpumi Mpofu. She added that targeted investments in preventative maintenance, digital innovation, and customer experience will ensure reliable operations for airlines and passengers alike.
Looking ahead, ACSA has unveiled a R21.7 billion five-year capital investment programme, focusing on upgrades at OR Tambo, Cape Town International, George Airport, and other key hubs. The initiative will integrate renewable energy, predictive maintenance, and biometric technology, positioning the SOE as a future-ready airport operator aligned with South Africa’s just energy transition.
In an era when many SOEs struggle with bailouts and negative returns — such as Eskom and Transnet — ACSA’s profitable trajectory and dividend payouts highlight its unique role as a sustainable driver of national infrastructure and economic growth.
