NASSAU, BAHAMAS — The Nassau Airport Development Company (NAD) saw a net income increase of just over $19 million during its 2023 fiscal year, which saw the country’s primary gateway welcome some 3.7 million passengers.
We rounded out the fiscal period with total operational revenue of $108.2 million, up from $83.9 million in 2022 and a net income of $26.6 million compared to $7.5 million in 2022,” noted Gary Sawyer, NAD’s chairman in the company’s 2023 annual report.
“The fiscal year 2023 ended with 3,716,264 total passengers, the fiscal year 2022 ended with 2,807,650, and fiscal year 2019 ended with 3,997,082.”
LPIA employs more than 3,500 workers and contributes significantly to the country’s GDP. According to NAD’s annual report, increased passenger traffic resulted in non-aeronautical revenue exceeding the budgeted amount in August by six percent and by five percent above the same period in FY2019.
“We attribute this uptick to our current retail program and the introduction of new concessionaires during this period. Despite this increase on the non-aeronautical side, total revenue for August stood at $9.2 million, down seven percent from FY2019. At the end of the first fiscal quarter, revenue rounded out at $25 million compared to $26 million in 2019,” Swayer said.
It was also noted that overall seat capacity year-to-date improved by 18 percent, with the uptick coming primarily from Virgin Atlantic Airways and British Airways in the International sector.
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