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MacroAsia Corporation (MAC), taipan Lucio Tan’s aviation services unit, expects to exceed last year’s record revenue and strong profit growth as the aviation industry continues to recover from the pandemic while enjoying the revenge travel tailwind.
The firm posted a 28 percent increase in consolidated net income to ₱1.37 billion last year from ₱1.07 billion in 2023, driven largely by surging revenues across all its business.
In a disclosure to the Philippine Stock Exchange, MacroAsia said its attributable net income rose faster at 32 percent from ₱851.10 million in 2023 to ₱1.12 billion last year.
Total revenues hit a record high of ₱9.44 billion in 2024, 18 percent higher than the previous year’s ₱7.997 billion, reflects the company’s continued expansion and robust operational execution across its key business segments.
With a strong financial position and sustained growth across its business units, MacroAsia said it is poised for continuing growth.
Beyond the airports, MacroAsia’s businesses in the non-airline food segment and water concessions provide impetus for further resiliency, as the Group’s revenue mix benefit from a more diverse topline portfolio.
“MacroAsia’s performance in 2024 highlights our ability to adapt and thrive in a dynamic business landscape. As demand in aviation and food services continues to rise, we remain committed to expanding our footprint and enhancing operational efficiencies even beyond airports,” said MacroAsia President and CEO Eduardo Luis T. Luy.
Looking ahead, MacroAsia is committed to enhancing its market presence and optimizing its operations to drive long-term, sustainable growth across aviation, food services, and related industries.
As the company enters 2025, it remains confident in maintaining its upward trajectory, with anticipated revenue growth fueled by its expanding aviation services, food business, and water concessions.
While revenue growth is expected to maintain a similar momentum as last year, MacroAsia remains cautious of potential cost pressures driven by external factors.
For 2024, MacroAsia said Food Services and In-Flight Catering contributed 47 percent of total revenues, rising 11 percent to ₱4.4 billion, fueled by a four percent increase in meal count, from 22.77 million to 23.70 million meals.
Ground Handling and Aviation Services posted a 33 percent revenue growth, reaching ₱4.17 billion compared to ₱3.14 billion in 2023. This increase was supported by a five percent rise in flights handled, totaling 189,318.
This includes the 42 percent revenue boost to ₱84.8 million from First Avia on Academy (FAA), reflecting its expanded training programs.
Water Operations grew 21 percent to ₱748.6 million, driven by a six increase in commercial water sales while Connectivity and Technology Services contributed ₱62.4 million, stemming from completed infrastructure projects.
Administrative Revenues grew by 21 percent to ₱56.2 million, largely due to increased lease income in Mactan, Cebu.
Total direct costs increased by 14 percent to ₱7.11 billion, in line with the company’s expanding business activities. Operating expenses also rose by 28 percent to ₱1.39 billion, driven by lease rate adjustments and higher opera onal expenditures.
A stronger performance from associate companies boosted profitability as well. MacroAsia’s share in net earnings from associates rose to ₱731.5 million, marking an increase of ₱154.8 million.
Key contributors included Lufthansa Technik Philippines (LTP), which posted ₱585.2 million in net income (49 percent MAC share), benefiting from stronger MRO (maintenance, repair, and overhaul) operations.
Cebu Pacific Catering Services (CPCS–40 percent MAC) reported ₱30.2 million in net income, a significant jump from ₱7.0 million in 2023, fueled by a 97 percent surge in meal count.
Narita-based Japan Airport Service Co. (JASCO–30 percent MAC) achieved a remarkable turnaround, delivering ₱106.1 million in net income, reversing a ₱3.6 million loss from the prior year.
The company has secured new airline clients at NAIA, including Air Canada and Air India, further strengthening its aviation services portfolio. In the long term, the privatization of NAIA opera ons in September 2024 is anticipated to increase flight volumes and passenger traffic, as enhanced airport infrastructure boosts capacity and efficiency.
Beyond the airport, MacroAsia’s joint venture with SATS (Singapore) is expanding its commissary operations, with a facility extension that will double production capacity by 2027. This expansion reinforces the company’s commitment to meeting the growing demand for high-quality food services of institutional non-airline clients.
Outside Metro Manila, MacroAsia is developing key water infrastructure projects, including water treatment facilities in Bacolod and Poro Point, La Union, as well as one of the largest desalina on plants in Lapu-Lapu City.
These projects are expected to begin genera ng revenue by 2026 or earlier, further diversifying the company’s revenue portfolio mix as part of the topline resiliency drive through MacroAsia’s presence in essential utilities.
