Korea Airports Corporation has seen signs of recovery from the pandemic at its airports in South Korea.

The company has also seen much success in developing its airport development and consultancy business outside South Korea. While most of its overseas airport development and consultancy business is focused on the Latin American market, it is also pursuing opportunities in Southeast Asia and Central Asia.  Apart from airport development and consultancy, it is also developing vertiports. The company has therefore formed a partnership with Samsung C&T to strengthen its competitiveness in these areas.

KAC expects  to see a turnaround next year in the number of air passengers, a year earlier than anticipated, as seven international airports across the country, Gimpo, Gimhae, Jeju, Cheongju, Daegu, Muan and Yingying are expected to surpass their pre-pandemic records for international traveller with the growth in the demand for inbound tourism and newly established flight routes.

It expects to see over 10 million international travellers for October 2023. By the end of the year, the monthly figure is expected to reach 13 million, which is a 64% recovery to pre-pandemic levels from 2019.

In line with the recovery, thus, the airport operator expects a turnaround starting in May 2024, which is one year sooner than its original estimate of 2025, thereby creating a net income of around KRW21.1bn by the end of next year.