YOW announces 2023 financial results

The Ottawa International Airport Authority announced its results for the year ended December 31, 2023.

• Passenger volumes totalled 4,095,915 for the year, representing a 37% increase over 2022. International traffic growth led the way with an impressive 241% increase. The total figure breaks down as follows:
  • Domestic: 3,202,899 passengers (18% increase);
  • Transborder: 576,133 passengers (203% increase); and
  • International: 316,883 passengers (241% increase).
  • Passenger volumes in 2023 were 80% of the volume reported in pre-pandemic 2019.
• Revenues of $145.6 million were 30% higher than in 2022. Strong increases in passenger volumes contributed to the positive impact on all revenue areas.
• Earnings before depreciation (EBIDTA) totalled $40.0 million compared to $25.7 million in 2022.
• Net earnings after depreciation of $10.8 million were recorded compared to a loss of $4.8 million in 2022.
• In accordance with the Authority's mandate, all earnings are retained and reinvested in Airport operations and development, including investment in capital assets, to meet ongoing operating requirements.

"I'm so pleased to see our passenger volume building back and our finances turned around. After several years of fiscal restraint and hardship due to the effects of the pandemic, it's wonderful to be operating with positive EBITDA," said Mark Laroche, President and CEO of the Ottawa International Airport Authority. "In addition to returning to vital projects that had been on hold and addressing capacity restraints, continued strong earnings and cash flow trends will allow the Authority to set aside the funds necessary to repay pandemic debt of $100 million."