JOHANNESBURG, Gauteng — The Airports Company South Africa (ACSA) has reported a 12 percent jump in revenue for the 2025/26 financial year, surpassing 8.8 billion rand. However, the state-owned entity warns that weak economic growth and high unemployment levels continue to pressure domestic passenger numbers, even as broader global aviation demand shows strong recovery trends.
ACSA, which operates nine airports including O.R. Tambo, Cape Town, and King Shaka International, recorded 20.58 million departing passengers in absolute terms. This passenger volume was the primary driver behind the 8.8 billion rand revenue milestone. After accounting for costs and other obligations, the company’s net profits increased to 1.2 billion rand.
Domestic travel has currently recovered to approximately 97 percent of pre-COVID-19 levels, though this rebound has not been evenly distributed across all regions. On a global scale, passenger demand remains robust, with Africa positioned among the fastest-growing aviation markets and tourism activity surpassing pre-pandemic benchmarks. Nevertheless, ongoing geopolitical tensions, including the conflict in the Middle East, continue to introduce uncertainty into the global aviation sector.
In a strategic move to broaden its financial resilience, ACSA highlighted growth in non-aeronautical income streams, such as property rentals and parking. This underscores the company’s successful efforts to diversify revenue beyond traditional airport charges. During the reporting period, approximately 1.1 billion rand was invested in capital expenditure, with infrastructure upgrades remaining a core operational priority.
Despite these positive financial indicators, ACSA remains vulnerable to South Africa’s broader economic headwinds. Stagnant growth and elevated unemployment are actively suppressing domestic travel demand. Furthermore, a decline in travelers driving to airports has negatively impacted parking revenues. The company also cautioned that higher jet fuel prices pose a persistent threat to airline ticket pricing, which could ultimately dampen overall passenger demand.
Operationally, specific hubs face distinct hurdles. O.R. Tambo International Airport continues to grapple with congestion, while Cape Town International Airport is navigating capacity constraints and slot challenges. Addressing these bottlenecks, an ACSA spokesperson noted that the congestion at Cape Town will be directly mitigated by a planned new domestic arrival terminal currently in the implementation pipeline.
Looking ahead, the company intends to access financial markets over the next three years to raise just over 10 billion rand in debt. This funding will be dedicated to supporting ACSA’s ongoing capital program. An ACSA representative, indicated that this strategic debt raise will be crucial for sustaining the infrastructure upgrades required to handle future passenger volumes.
The primary challenge for ACSA moving forward is converting the current recovery in passenger volumes into sustainable, long-term growth while navigating the persistent macroeconomic pressures weighing on South Africa’s domestic economy.
