Airport Authority Publishes Annual Report 2023/24

Continuous traffic growth with leading air cargo position

(Hong Kong, 3 July 2024, 1800hrs) – Airport Authority Hong Kong (AAHK) published the Annual Report 2023/24 today for the fiscal year ended 31 March 2024. The air traffic made significant progress at Hong Kong International Airport (HKIA) during the fiscal year. Passenger numbers and flight movements rose 264.5% and 92.1% respectively, to 45.2 million and 309,650. Passenger numbers during recent peaks and flight movements have recovered to 80% of the pre-pandemic level, and on track to full recovery by the end of 2024. HKIA continued to be the world’s busiest cargo airport in 2023. Air cargo was supported by strong e-commerce demand, with throughput reaching 4.5 million tonnes, a 9.1% increase from last year.

The Three-runway System (3RS) will be completed and commissioned by the end of 2024, with all three runways operating, while relevant passenger facilities will be opened in phases in light of passenger traffic demand. The 3RS will increase HKIA’s annual capacity to 120 million passengers and 10 million tonnes of cargo, supporting the long-term growth of Hong Kong’s aviation industry and strengthening the airport’s position as a leading international hub.

With the added capacity provided by the 3RS, AAHK is transforming HKIA into an Airport City. Airport City projects such as SKYCITY are making good progress. At the heart of SKYCITY is the largest integrated commercial complex in Hong Kong, 11 SKIES, which will be pivotal to HKIA’s development into a destination in its own right, drawing visitors from the Greater Bay Area (GBA) and other markets. 11 SKIES will generate significant synergies with other SKYCITY components, including AsiaWorld-Expo, hotels, marina and office facilities.

To enhance HKIA’s reach in the GBA, the new SkyPier Terminal commenced operation in August 2023, providing seamless transfers for GBA passengers flying to international destinations from HKIA. The new terminal enables transfer passengers to reach the airport’s restricted area via the Hong Kong-Zhuhai-Macao Bridge (HZMB) using bonded buses from Zhuhai and Macao. Besides, a growing GBA ferry port network provides convenient connections to HKIA. This year saw the launch of ferry services between the SkyPier Terminal and Pazhou Port, near the China Import and Export Fair (Canton Fair) Complex in Guangzhou.

Technology holds the key to AAHK’s endeavours to enhance the passenger experience and operational efficiency. HKIA is the leading airport globally in the use of driverless vehicles in a live operating environment. The use of autonomous electric tractors (AETs) to tow baggage and cargo was extended to T1 Midfield Concourse, where AETs operate next to aircraft. This year, autonomous staff shuttles entered service in the restricted area. Autonomous vehicles will also be introduced on the Airportcity Link, which connects SKYCITY and the Hong Kong Port of the HZMB, with a view to facilitating a pleasant journey for visitors from the GBA.

To reinforce the position as the world’s leading cargo airport, AAHK launched a pilot scheme for sea-air intermodal transshipments between Dongguan and HKIA, followed by an agreement signed with Dongguan Port Group to establish a joint venture to develop HKIA Dongguan Logistics Park. HKIA continuously enlarges its cargo handling capacity. The Alibaba Group’s premium logistics centre will be Alibaba’s hub for Asia; The expansion of DHL’s Central Asia Hub was officially opened, increasing the facility’s capacity by 50%; UPS’s new hub for express cargo is expected to open in 2028.

During the year, AAHK first tapped into the Hong Kong Dollar public institutional bond market to offer HK$4 billion senior notes, which received overwhelming responses from investors. AAHK also successfully issued HK$5 billion HKIA retail bonds, which enabled the general public to participate in the 3RS project.

AAHK has been continuing its efforts to achieve net zero carbon emissions by 2050, with measures including electrifying airside light goods vehicles, as well as expanding the ground services equipment pooling scheme.

The Annual Report 2023/24, with information on financial performance, can be viewed at www.hongkongairport.com/en/airport-authority/publications/annual-interim-reports/annual2024.