Incheon Airport Corporation "47 Million Passengers Expected at Incheon Airport Next Year"

[Asia Economy Reporter Yoo Hyun-seok] Incheon International Airport Corporation expects that the number of passengers using Incheon International Airport in 2023 will reach 47.1 million, recovering up to 67% of the pre-COVID-19 level in 2019.

On the 13th, Kim Kyung-wook, President of Incheon International Airport Corporation, said at a press briefing, "Due to the easing of entry restrictions by countries around the world, demand is recovering on a route-by-route basis." However, he projected that the full recovery to pre-COVID-19 levels will occur in 2025. Conservative quarantine policies in neighboring countries, including China, are still acting as a limiting factor for recovery.

The corporation conducted a forecast for total passengers next year through the Airport Industry Technology Research Institute. According to the results, under an optimistic scenario, the number of passengers is expected to recover to 53.7 million, which is 75% of the 2019 level. However, under a pessimistic scenario, it is expected to remain at 42 million, about 59% of 2019 levels.

This year, the number of passengers at Incheon Airport is expected to reach 17,094,79. This represents a 434.3% increase compared to the previous year. Additionally, the number of flights is expected to increase by 42.9% to 187,275 flights, while cargo is expected to decrease by 10.8% to 3,005,629 tons. President Kim said, "Passenger demand will increase due to supply growth, easing of quarantine regulations, and recovery of overseas travel sentiment," adding, "However, there are constraints on demand recovery such as delays in policy easing by neighboring countries."

The increase in airport passengers is also expected to improve the corporation's performance. Incheon International Airport Corporation's projected revenue for this year is approximately 905.2 billion KRW, an 85% increase compared to the previous year. Operating losses and net losses are expected to decrease, recording 537.7 billion KRW and 501.1 billion KRW respectively.

Especially next year, due to the increase in passengers, revenue is expected to reach 1.8078 trillion KRW, a 99.71% increase compared to this year. Operating profit is expected to turn positive, recording 79.1 billion KRW. However, net loss is projected to continue at 59.9 billion KRW.

The corporation cited normalization of airport operations, strengthening of smart innovative airport competitiveness, and sustainable future growth as major achievements this year. To normalize airport operations, they improved smart quarantine infrastructure that passengers can trust, such as timely expansion of COVID-19 testing centers and development of smart web services.

They also enhanced passenger convenience during the recovery phase of air travel demand through smart innovation, including the introduction of advanced 3D equipment-based smart security screening devices and improvement of data-driven passenger flow management systems. Additionally, as the first airport in Asia to join the global RE100 initiative, they established a phased energy transition roadmap, attracted investment for art storage facilities, and laid the foundation for revitalizing the airport economic zone through activation of the aviation MRO cluster.

The corporation plans to make next year the first year of normalization and leap forward in airport operations. Under the slogan "ReNewOne 2023, Preparing Incheon Airport for a New Future," they aim to strengthen the airport's core functions, recover aviation and management performance, secure new future competitiveness through the introduction of new technologies and organizational reform, and lead the enhancement of aviation industry competitiveness by concentrating company-wide capabilities.

President Kim said, "We will promote inspection and operational innovation across major airport facilities, including improvements to Terminal 1 facilities and aging infrastructure, stable operation of airport facilities, and enhancement of crisis response capabilities." He added, "In preparation for the increase in air travel demand, we plan to promptly advance the 4th phase construction project to achieve a target progress rate of 88%, securing differentiated competitive advantages in airport facilities through proactive infrastructure expansion."

Alongside this, the corporation plans to strengthen overseas business for future revenue sources. To this end, the corporation aims to secure the entrusted operation of Terminal 2 at Kuwait Airport. They are also considering participation as a joint operator through equity investment in the development of a new airport in Poland. Additionally, they plan to explore management participation in Southeast Asian airports. He explained, "The corporation has been pursuing overseas business for about 16 years, but overseas sales account for only about 1% of total sales. Our goal is to achieve 1 trillion KRW in sales over the next 10 years by participating in and expanding airport management overseas."

Incheon International Airport Corporation aims to become a global hub airport leading the post-COVID-19 era through its leap forward next year. He emphasized, "Despite difficulties caused by the prolonged COVID-19 pandemic, Incheon Airport was able to gradually normalize airport operations and secure a foundation for future growth. Next year, the corporation will strengthen the airport's core functions and pursue new future competitiveness through the introduction of new technologies."

This content was produced with the assistance of AI translation services.