Annual Report: 2023
Cochin International Airport Limited (CIAL) Annual Report 2022-2023 Summary:
Chief Minister's Message:
CIAL achieved record profits in the financial year 2022-23 despite pandemic-related odds and domestic aviation sector challenges. The company has registered its highest revenue, operating profit, and net profit. It's now focused on enhancing both aeronautical and non-aeronautical facilities. Key expansion plans include adding 15 lakh square feet to the International Terminal's apron area and 5 lakh square feet to the terminal building, along with 8 new aero bridges and a 1.5 lakh square feet Import Cargo Terminal. Digi Yatra facial recognition systems and full body scanners are being installed to improve security check-up. A strategic agreement with the Taj group will oversee the operation of CIAL's 112-key five-star hotel, expected to be commissioned in March 2024. Additionally, a 1.5 lakh square feet commercial zone will be developed in front of the International Terminal. A transit accommodation facility is expected to be completed in 2024. Other projects include golf villas, sporting facilities, and a city hotel.
Annual General Meeting Notice:
The 29th Annual General Meeting will be held on September 25, 2023, via video conferencing. Ordinary business includes adopting the audited balance sheet and statement of profit and loss as of March 31, 2023, declaring dividends for the year ended March 31, 2023, and appointing directors. Special business includes appointing Dr. P. Mohamad Ali and Sri. M. A. Yusuffali as directors. Remote e-voting will be available to members. The voting period begins September 21, 2023 and ends September 24, 2023. The Register of Members and Share Transfer books will be closed from September 19-25, 2023.
Directors' Report and Operational Review:
CIAL achieved a record gross income of Rs. 770.91 crores in FY 2022-23, surpassing previous years. This was achieved despite operating at 90% of pre-COVID levels. Profit after tax was Rs. 267.17 crores. This represents an 84.12% revenue growth compared to the previous year. During the period under review, Cochin International Airport handled 8.9 million passengers. The share of international passengers is 42.13 lakhs. The total air traffic movement during this period was 61,232. The Board recommends a 35% dividend. A Right Issue of shares was undertaken.
Subsidiary Companies:
CIAL has four subsidiary companies: Cochin International Aviation Services Limited (CIASL), Air Kerala International Services Limited (AKISL), CIAL Infrastructures Limited (CIL), and CIAL Dutyfree and Retail Services Limited (CDRSL). CIASL is undertaking line maintenance services for international carriers and has secured approvals from various aviation regulators.
Corporate Social Responsibility (CSR):
CIAL has a CSR Committee and has identified strategic areas for achieving corporate and social objectives.
Directors and Key Personnel: The Board recommends reappointment of Adv. P. Rajeeve and Adv. K. Rajan as Directors of the Company. The Board recommended the appointment of Sri. M. A. Yusuffali as non-retiring Director for a period of 5 years.
Auditors:
M/s. Krishnamoorthy & Krishnamoorthy are the Statutory Auditors. The Board recommends to appoint M/s.Varma & Varma as the Statutory Auditor of the Company till the conclusion of Annual General Meeting for the financial year 2027 - 28.
Financial Statements:
The document includes standalone and consolidated balance sheets, statements of profit and loss, statements of changes in equity, and cash flow statements. Key financial figures are provided for the years ended March 31, 2023 and March 31, 2022.
Additional Points:
The document provides detailed instructions for shareholders regarding remote e-voting, attending the Annual General Meeting through VC/OAVM, and processes for those whose email/mobile numbers are not registered. Annexures to the Directors' Report includes: financial statements of subsidiaries, the Secretarial Audit Report, Annual Report on CSR activities, details of energy conservation, and details of related party transactions.
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