Greater Moncton International Airport Authority releases 2021 financial results and annual report at their Annual General Meeting
GREATER MONCTON, NB – The Board of Directors and management team virtually shared with stakeholders and public participants its annual report and audited financial statements for 2021 today at Greater Moncton International Airport Authority’s annual general meeting. 2021 was another year marked by significant pandemic impacts with the airport seeing passenger traffic slightly above 2020 but still a drop of 74% versus its normal levels of activity. The airport also saw a slight increase of cargo activity over the course of the year.
Board Chair Nancy Whipp and CEO Bernard LeBlanc highlighted significant accomplishments over the course of the year such as the full rehabilitation of runway 11-29, as well as the Greater Moncton Roméo LeBlanc International Airport being awarded Airport Council International North America’s Environmental achievement award for its innovative de-icing management system investment and implementation. As well, in early 2022 the airport finalized a 4-year term collective agreement with PSAC/UCTE representing its unionized employees.,
YQM’s CEO Bernard LeBlanc is retiring from his role effective today, as well, Board Chair Nancy Whipp will be completing her membership on the Board of Directors of the airport such that 2022 will be a year of significant transition for both the Board of Directors and YQM management team.
“The Greater Moncton International Airport Authority Inc. (GMIAA) Board was exceptionally pleased with our airport’s achievements in 2021, in spite of the pandemic’s impacts. As we transition our board and management leadership teams, we look forward to the airport not only regaining its past passenger traffic levels but surpassing past achievements and further broadening the travel options available at our airport and in our region”, stated Nancy Whipp, GMIAA Board Chair.
As noted above, total passengers at YQM in 2021 were 177,040, a slight, 2.1% increase from 2020 but down 74% compared to pre-pandemic activity levels. The airport saw a slight increase of cargo activity of 247 metric tons (MT) over the prior year for a total of 20,624 MT over the course of 2021. Revenue from aircraft, airport, and airport improvement fees continued to be significantly reduced compared to pre-pandemic levels, with 2021’s revenue down 56% or $11.1M, for a two-year combined impact to revenue from COVID-19 of $21.2M. YQM received $7.6M in Federal COVID-19 relief funding in 2021 to support operating expenses. This funding was a substantial liquidity risk mitigation that allowed the airport to stabilize its cash flow position and avoid borrowing to finance losses resulting from the pandemic. Cost containment continued to be a key focus for YQM in 2021 with operating expenses coming well under budget for the year. The airport’s excess of revenue over expenditures, or net income, in 2021 was $1.7M.
Outgoing CEO Bernard LeBlanc highlighted “YQM has been NB’s top performing airport since transfer from the federal government in 1997. 25 years later, the YQM Team, employees, airlines, tenants and partners continue to strive to overperform and meet and exceed our stakeholders’ expectations. 2021 was no exception. Achieving a financial surplus in a pandemic year, albeit with federal government financial support, highlights the YQM employee and board commitment to excellence!”.
You can find the 2021 annual report and audited financial statements for the period ended December 31, 2021 here.
About Greater Moncton Roméo LeBlanc International Airport (YQM)
YQM is a progressive airport and the leading airport in the central Maritimes. 24/7/365 – everyone associated with the airport strives to provide superior air service to passengers travelling all over the world and to the global cargo industry -safe, convenient, efficient, bilingual and businesslike.
YQM also strives to maximize its contribution to local and regional economic and community development – it currently drives over $665 million of economic activity annually, making it one of the top private-sector economic contributors to New Brunswick’s economy.
Your economy. Your airport.
For more information:
Bernard LeBlanc, P. Eng, MBA, ICD.D
President & CEO