September 17th, 2024
The big picture: Christchurch, New Zealand, is becoming a more attractive destination for visitors with new infrastructure like Te Pae and attractions such as the Riverside market. The city's revitalisation, coupled with a strong concert and event line-up, has contributed to higher-than-forecast growth for Christchurch International Airport.
Why it matters: As people regain confidence in travelling, Christchurch's renewed energy and appeal are driving increased visitor numbers. The city is now seen as a key destination for various sectors, including businesses, sporting organisations, and tertiary students.
Te Pae's success: The convention centre has hosted over 25,000 delegates at more than 60 conference events since its opening, showcasing Christchurch as a vibrant city for visitors.
Airport's financial growth: Christchurch International Airport Limited reported a net surplus after tax of $16.1 million for the six months to 31 December 2022, a significant improvement from the near break-even result of the same period last year.
By the numbers: Total passenger numbers for the first six months of FY23 reached 2.82 million, up 88% compared to the same period last year and 82% of pre-pandemic levels.
Domestic passenger numbers were at 92% of pre-pandemic levels, while international numbers stood at 55%.
Strong balance sheet: The company's borrowings remain at or below pre-pandemic levels, and S&P Global updated CIAL's credit rating to A-/stable. The Board has declared an interim dividend for FY23 of $14.5 million (25.1 cents per share).
What they're saying: "Our city is back to being a key destination for many sectors. People, businesses, and sporting organisations see Christchurch as a great place for their next gathering, and tertiary students have declared the city the 'cool place' to be," said Justin Watson, Christchurch International Airport's Chief Executive.
Looking ahead: As borders reopen and domestic travel rebounds, Christchurch's re-energized city life and infrastructure are expected to continue attracting visitors and boosting the local economy.