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Highlights:
- Auckland International Airport Limited (ASX:AIA) (NZX: AIA) shares hit a fresh 52-week high of AU$8.50 on Monday.
- AIA is building a brand-new domestic terminal which will be 100% integrated into the international terminal.
- In January 2023 traffic update, the company reported total passenger volumes of AIA were at 1,427,988 (73% of January 2019).
Auckland International Airport Limited (ASX: AIA) (NZX: AIA) shares touched a fresh 52-week high of AU$8.50 on Monday before closing yesterday's trading session 0.36% lower at AU$8.260. With Monday's move, the stock crossed its previous 52-week high (intra-day) of AU$8.380, which was on 24 March 2023. AIA stock has gained over 15% in the last one year and is up nearly 12% YTD, outperforming the broader S&P/ASX 200 index, which is down 6% in a year and almost flat on a YTD basis.
Although the airport operator has not released any price-sensitive news over the last two days that can be linked to Monday’s move, the recent optimism in AIA shares follows the announcement made on 17 March 2023, where the company said it is building a brand-new domestic terminal, which will be completely integrated into the international terminal and increase capacity of the 60-year old terminal.
The airport has been in talks with its primary airline consumers since May 2011 on a replacement for the old domestic terminal. It intends to construct an integrated terminal.
Throughout that period, around twenty-one concept designs were created by AIA, and they talked about it with key airlines.
After its initial decision taken in 2019, the AIA board reaffirmed its commitment to integrate domestic and global travel, providing consent for the project to shift into the final phases of design as a component of an approximately NZ$3.9 billion construction programme to occur across the upcoming five to six years (comprising NZ$2.2 billion combined terminal with a few major projects related with that progress).
The combined airport is scheduled to begin operations between 2028 to 2029 and will cater to the bigger and more effective domestic aircraft flying to and from Auckland to NZ’s other key centres, together with global operations.
Auckland Airport’s January 2023 traffic update
The company provided its January 2023 traffic update on 16 March and reported total passenger volumes of AIA were at 1,427,988, 73% of January 2019 traffic. Global travellers (except transits) were 69% of January 2019 numbers at 739,804, with transit passengers along with total domestic travellers at 58% and 81% of pre-covid levels seen in January 2029, respectively.
Further, giving a preview of the February traffic update, AIA mentioned that in February this year, the total number of passengers of AIA was 1,258,565, 72% of February 2019. Global travellers (except transits) were 71% of February 2019 numbers.
Auckland Airport’s 1HFY23 results
In February, AIA released its 1HFY23 results ended 31 December 2022. For the reporting period, its revenue increased by 128% on pcp to NZ$287.8 million. Reported profit after tax rose 96% to NZ$4.8 million over pcp. Meanwhile, passenger movements increased 341% to 7.6 million on pcp.
As of 11:45 am, AEDT on Tuesday, 28 March 2023, AIA shares traded 0.120% lower at AU$8.280.
