CPA’s revenue up 48% in 2024

The Commonwealth Ports Authority reports that it has seen an increase of 48% in airport revenue in the last fiscal year compared to fiscal year 2023.

Recently, CPA has submitted its 2024 citizen centric report to the CNMI Legislature and has reported that the agency has seen an increase of 48% in Airport revenue in the last fiscal year compared to the previous fiscal year.

According to the report, in fiscal year 2024, CPA’s airport revenue totaled $11,867, 369. This was a 48% increase from FY 2023 where Airport revenue totaled $7,976, 886. In FY 2022, CPA’s airport revenue was at $4,096, 939.

CPA’s airport revenue comes from aviation fees and concession and lease income.

In aviation fees, CPA earned $8,387,908 in fiscal year 2024, a huge leap from revenue generated in fiscal year 2023 of $4,463,903. This revenue is generated from landing fees and terminal rental fees.

As for concession and lease income, CPA garnered a total of $3,479,461, a little less than what they received in 2023 at $3,512,983.

“Operating revenues for the airports increased by 48% as compared to FY 2023. The increase was due in part by the return to operations of limited international flights and the continued implementation of new rate methodology. Aviation fees include landing fees and terminal rental rate charges. Other sources of revenue include parking fees, permit fees, and citation and training fees,” said CPA.

While CPA saw an increase in airport revenue, CPA saw a decrease in airport expenses in fiscal year 2024 compared to 2023.

According to the report, CPA’s airport expenses for fiscal year 2024 was $13,629,753, a 9% decrease compared to fiscal year 2023 where CPA’s expenses reached $14,992,513.

CPA’s largest airport expense is personnel costs at $5,308,219, followed by utilities at totaling $2,901,949.

CPA also saw an over 5% increase in property and casualty insurance costs in fiscal year 2024 compared to fiscal year 2023 and had to pay $2,380,951.

Although there was a decrease in expenses, CPA saw an over $1.76 million deficit in airport finances for fiscal year 2024.

“Overall fiscal year 2024 operating expenses were decreased with a 9% overall reduction. Although personnel costs were reduced due to the implementation of austerity measures, the savings were negated by an increase in property and casualty insurance costs,” said CPA.