Clark Int’l Airport Corp. sets revenue target at P750 million
CLARK International Airport Corp. (CIAC) said it set a revenue target of P750 million for this year, which would represent a 10% rise, driven by plans to attract more locators within its aviation complex.
“Our target revenue for this year is about P750 million which will be from our own existing projects and existing contracts,” CIAC President and Chief Executive Officer Arrey A. Perez told reporters on Monday.
“We derived it from the airport and from the leases of our industrial locators, among others,” he added.
CIAC booked P680 million in revenue last year, up 3%.
He said CIAC hopes to grow revenue to P1 billion by 2025 or 2026 as its flagship projects materialize.
“We hope to hit the P1-billion mark by 2025 or 2026 because the challenge in these joint venture projects is the incubation period before we can earn money,” he added.
CIAC has seven flagship projects in the pipeline including the $152-million National Food Hub, the $376-million Clark Entertainment and Events Center, the $31-million Urban Renewal and Heritage Conservation Program, and the $21-million CRK Direct Access Link.
Mr. Perez said CIAC is banking on the growth in the number of locators.
“We will have more locators because apart from the land that we are going to use for the seven flagship projects, we have small plots of land that we will make available for commercial development,” he said.
“We have a marketing plan that we will roll out this year and the coming years. You will see that when we issue (offers) for these small pieces of land,” he added.
He said that CIAC will be offering land in precinct two of the Clark Airport City, which is close to the passenger terminal building of Clark International Airport.
To date, CIAC has 53 locators and 85 subleases to locators like Udenna Corp., Medical City, and Petron. — Justine Irish D. Tabile