The majority owner of Skyport, the LF Wade International Airport concessionaire, has reported a net profit of $161.9 million in 2023, largely driven by its sale of a minority interest in the organisation.

The profit recorded last year by Aecon Group compares with a profit of $30.4 million in the prior year.

The Toronto-based company reported an operating profit of $240.9 million (operating margin of 5.2 per cent) compared with an operating profit of $97.2 million in 2022 (operating margin of 2.1 per cent).

Aecon said: “The improvement in year-over-year operating profit was largely due to an increase in other income of $209.4 million.

“This increase was primarily due to gains related to the sale of a 49.9 per cent interest in Skyport, the Bermuda International Airport concessionaire, of $139 million, including a fair-value remeasurement gain of $80.4 million on Aecon’s 50.1 per cent retained interest in the concessionaire and the sale of ATE [Aecon Transportation East] ($36.5 million), and higher gains on the sale of property, buildings, and equipment ($38.7 million).”

Jean-Louis Servranckx, the president and chief executive of Aecon Group Inc, said: “2023 was a transformational year for Aecon – with our teams focused on safety and execution across all of our projects and driven by three significant transactions which allowed Aecon to capture unlocked value, partner with respected institutions with significant experience to help Aecon grow and strengthen Aecon’s balance sheet and capital position.

“Demand for Aecon’s services across Canada continues to be strong and we are strategically focused on embracing new opportunities to grow in the decarbonisation and energy transition space, as well as US and international markets.”

Full-year revenue in 2023 was $4.64 billion, which was $52 million lower than in the prior year.

Last September, Aecon announced the closing of the previously disclosed agreement with Connor, Clark & Lunn Infrastructure to sell a 49.9 per cent interest in Skyport.

The company said: “Following this transaction, Aecon holds a 50.1 per cent interest in Skyport, the concessionaire responsible for the Bermuda International Airport’s operations, maintenance and commercial functions, and the entity that will manage and co-ordinate the overall delivery of the Bermuda International Airport project over a 30-year concession term that commenced in 2017.

“For the year ended December 31, 2023, revenue in the concessions segment of $74 million was $2 million lower than in 2022. The decrease was largely due to the Bermuda International Airport, where revenue in 2023 was $61 million compared to revenue in 2022 of $69 million.”

The company added: “In 2023, passenger traffic levels in Bermuda averaged 75 per cent of 2019 pre-pandemic traffic, compared to 58 per cent in 2022.”