SATS returns to black with $56.4m FY24 profit

The airport service company credited its improved performance to record revenue.

SATS swung back to black, posting a $56.4m profit attributable to owners in FY24.

In FY23, the company posted a loss of $26.5m.

The airport service company attributed its improved financial performance to record revenue of $5.1b, propelled by robust aviation sector recovery and consolidation with Worldwide Flight Services (WFS).

Compared to FY23, revenue rose 192.9% YoY in FY24.

Breaking down by business segment, SATS reported a 354.8% YoY higher Gateway Services revenue of $4.0b and a 27.4% YoY Food Solutions revenue of $1.1b.

With higher profits, the company declared earnings per share of $0.038.

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