The Civil Aviation Authority of Fiji (CAAF) has announced substantial financial progress in its 2024 Annual Report, which was presented to Parliament last week. Total compensation for key management, including Chief Executive Officer Ms. Theresa Levestam, rose to $1.09 million in 2024, up from $763,824 the previous year. This increase is attributed to broader operational responsibilities and performance-based adjustments within CAAF’s governance framework.
The report highlights a net surplus of $3.8 million for 2024, a significant turnaround from the previous year’s deficit of $617,359. Total income soared to $13.51 million, more than doubling from the prior year, largely driven by a government grant that comprised 53.79% of the total revenue. CAAF emphasized its commitment to prudent financial management, stating that “the surplus demonstrates our commitment to careful timing of capital investments to support future growth.”
While total expenses rose from $7.26 million to $9.71 million due to organizational expansion and increased project activity, the impressive revenue growth resulted in a healthy operating surplus. CAAF’s total assets increased to $29.99 million, while liabilities remained low at $2.09 million, pointing to a strong financial position and liquidity.
Key capital investments by CAAF during this period included upgrades in information technology and multifunction printers, as well as the acquisition of four new vehicles scheduled for delivery in early 2025. Furthermore, a significant roof replacement project commenced in December and is projected to be completed in early next year, ensuring that CAAF upholds the high safety and operational standards essential in the aviation industry.
The rise in departure tax revenue, which accounts for 29.18% of total income, indicates a rebound in international travel and passenger movement, reflecting positively on Fiji’s airlines and travel sector. CAAF mentioned that a portion of its 2024 surplus relates to projects that are committed but not yet funded, demonstrating a strategic alignment of resources with future operational needs.
These advancements not only signify CAAF’s dedication to enhancing aviation standards in Fiji but also herald a positive outlook for continued growth and recovery in the industry. The authority’s proactive initiatives underscore a steadfast commitment to safety and operational integrity, which are critical for the development of Fiji’s aviation infrastructure.