Sydney Airport (ASX:SYD) reported a A$1.47 billion uplift in group earnings before interest, taxation, depreciation and amortisation (EBITDA) in 2024, up from A$1.22 billion a year earlier, even as it recorded a A$46.1 million asset write-down linked to deferred development projects.
The impairment, outlined in the 2024 annual accounts, relates to pre-acquisition investments including a public transport interchange and hotel projects along Ross Smith Avenue, which have now been postponed or re-evaluated. These initiatives were initiated prior to the airport’s A$23.6 billion acquisition by IFM Investors and Global Infrastructure Partners in 2022.
While operating costs increased, the airport narrowed its group net loss to A$298.2 million in 2024, down from A$587.6 million in the previous year, reflecting improved passenger volumes and diversified revenue streams from airline charges, parking, ride-share access, and retail leases.
Sydney Airport processed 16.3 million international passengers in 2024, a 12% rise year-on-year, while domestic traffic rose 4% to over 25 million travellers.
Capital investment climbed to more than A$586 million, up from A$420 million in 2023, with major upgrades underway at the international terminal and the T2 domestic terminal used by Virgin Australia, Jetstar and Rex Airlines.
“We have a robust pipeline of capital projects which are aimed at delivering a great service for passengers and more efficient operations for airlines,” said Paul Willis, Sydney Airport’s group executive for planning and delivery.
The Australian Competition and Consumer Commission identified Sydney Airport’s aeronautical services as the strongest performer among the country’s major airports, citing outperformance in revenue, margin and asset returns in fiscal 2023–24.