Ghana Airports Company Limited (GACL) increased its total income by 10.57% to GHS 2.48 billion in 2025. This growth occurred despite a decline in revenue from its core aeronautical and non-aeronautical operations.
The significant increase in total income was largely supported by GHS 578.28 million in other operating gains. These gains, primarily from revaluation and non-operating activities, helped to offset a 9.15% drop in operating revenue. GACL's total assets also grew by 3.92%, surpassing GHS 10 billion to reach GHS 10.23 billion. This financial performance is detailed in the 2025 State Ownership Report by the State Interest and Governance Authority (SIGA).
This financial outcome for GACL reflects a broader trend among state-owned enterprises in Ghana. Many are navigating complex economic environments, balancing operational challenges with strategic asset management. The company's ability to grow its asset base and strengthen equity, even with declining operational revenue, highlights the importance of non-core income streams. This strategy can provide stability in sectors facing fluctuating demand or increased competition. Ghana's government has been pushing for improved financial discipline and performance from its state-owned entities. This is part of a wider effort to reduce public debt and enhance economic resilience.
The 2025 State Ownership Report by SIGA provides crucial insights into GACL's financial health. It notes that the company ended the year with a net profit of GHS 355.94 million and an operating profit of GHS 832.24 million. These figures, while positive, represent a decline in profitability compared to the previous year. The report also highlighted a strengthening of GACL's equity position by 13.43%, rising from GHS 2.90 billion in 2024 to GHS 3.29 billion in 2025. This improvement means a greater proportion of the company’s assets is financed by shareholders’ funds rather than debt.
Looking ahead, GACL's financial trajectory will be closely watched by investors and policymakers. The company's improved financial leverage, with a reduced debt-to-assets ratio of 0.68 times, signals a healthier balance sheet. However, the decline in core operating revenue and net profit raises questions about long-term operational sustainability. Future strategies will likely focus on boosting aeronautical and non-aeronautical revenue streams. This is crucial for ensuring the company's profitability and its contribution to Ghana's infrastructure development. The government's continued oversight through SIGA will be key in guiding GACL's strategic direction.
GACL's total liabilities remained broadly unchanged at GHS 6.95 billion. However, they declined as a proportion of total assets, from 70.59% in 2024 to 67.89% in 2025. This indicates a reduced reliance on debt. Interest-bearing liabilities saw a sharp reduction of about 82.48%, falling from GHS 718.91 million to GHS 125.97 million. The company's current ratio, a measure of short-term liquidity, improved from 0.57 times in 2024 to 0.73 times in 2025. This shows some strengthening in its ability to meet short-term obligations. Despite this improvement, the current ratio remains below the benchmark of one, meaning current assets are still insufficient to cover all short-term obligations. The gap between available short-term resources and liabilities did narrow during the year. The company's interest-cover ratio stood at 1.69 times, indicating that operating earnings were sufficient to cover finance costs, despite a decline from 2.22 times in 2024.
Despite the overall increase in total income, GACL's operating revenue declined by 9.15%. It fell from GHS 2.02 billion in 2024 to GHS 1.83 billion in 2025. Aeronautical revenue, from services directly related to aircraft operations, decreased by 4.59% to GHS 1.44 billion. Non-aeronautical revenue, from sources like retail and concessions, saw a sharper decline of 48.74%, falling to GHS 389.34 million. This led to an 11.06% decrease in operating profit, from GHS 935.69 million to GHS 832.24 million. The net profit also declined by 30.64%, from GHS 513.17 million in 2024 to GHS 355.94 million in 2025. This weaker profitability was attributed to the decline in operating revenue, higher operating expenses, increased employee costs, and depreciation. Finance costs also increased by 16.58% to GHS 492.16 million. The cost-recovery ratio declined from 1.37 times in 2024 to 0.83 times in 2025. This indicates that revenue from core operations did not fully cover operating costs. Net cash generated from operating activities also fell significantly by 68.34%, from GHS 2.26 billion in 2024 to GHS 715.79 million in 2025. This was partly due to an exceptional working-capital inflow in the previous year. Short-term debt coverage also fell, pointing to a reduced capacity to settle short-term debt using available liquid resources.