The Civil Aviation Authority of Fiji (CAAF) reported significant financial improvements in its 2024 Annual Report, presented to Parliament last week. Total remuneration for key management personnel, including Chief Executive Officer Ms. Theresa Levestam, increased to $1.09 million in 2024, compared to $763,824 in the previous year. This rise reflects the expanded operational responsibilities and performance-based adjustments tied to CAAF’s governance structure.
In terms of financial performance, CAAF reported a net surplus of $3.8 million for 2024, marking a noteworthy recovery from the previous year’s deficit of $617,359. Total income more than doubled to reach $13.51 million, significantly bolstered by a government grant that represented 53.79% of the total revenue. The organization emphasized its dedication to sound fiscal management, stating that “the surplus demonstrates our commitment to careful timing of capital investments to support future growth.”
Despite an increase in expenses from $7.26 million to $9.71 million due to organizational expansion and heightened project activity, the surge in revenue resulted in a robust operating surplus. CAAF’s total assets saw an uptick to $29.99 million, while liabilities remained low at $2.09 million, showcasing financial stability and liquidity.
Key capital investments made by CAAF include new information technology equipment and multifunction printers, along with the procurement of four vehicles slated for delivery in early 2025. Additionally, a major roof replacement project commenced in December and is expected to be finalized early next year, ensuring that CAAF maintains the high safety and operational standards required in the aviation sector.
The increase in departure tax revenue, accounting for 29.18% of total income, further reflects a rebound in international travel and passenger movement, underscoring a positive trend for the airlines and travel sector in Fiji. CAAF noted that part of its 2024 surplus is connected to projects that have been committed to but not yet disbursed, highlighting a strategic approach in aligning funds with future operational priorities.
These developments indicate not only CAAF’s commitment to improving the aviation standards in Fiji but also project a hopeful outlook for continued growth and recovery in the industry. The authority’s proactive initiatives suggest a consistent focus on safety and operational integrity, vital to the well-being and development of Fiji’s aviation infrastructure.