In 2016 Boryspil Airport Radically Improves Its Performance According to the Conclusion of the International Audit
Boryspil International Airport State Enterprise successfully passed the International Accounting Standards (IAS) audit as of 2016 performance. The audit confirmed the expenses decrease and the record increase of the State Enterprise revenues and profits achieved in 2016.
Due to the business processes optimization, the total State Enterprise expenses decreased to UAH 1,75 billion in 2016 (in 2015 they amounted to UAH 1,98 billion, in 2014 – UAH 2,18 billion).
The Enterprise achieved a stable reduction of expenses under the conditions of performance enhancement. In 2016 the number of the attracted passengers amounted to 8,65 million (in 2015 – 7,72 million, in 2014 – 6,89 million).
At the same time, the total State Enterprise revenues in 2016 increased up to
UAH 3,51 billion (in 2015 they amounted to UAH 2,68 billion, in 2014 – UAH 1,70 billion).
The cost optimization, record passenger increase and revenues growth enabled the State Enterprise to reach unprecedented profitability. The pre-tax profit (IAS) amounted to UAH 1,75 billion in 2016 (while it was UAH 0,7 billion in 2015 and during 2014-2013 the Enterprise was loss-making).
The international audit result is an independent proof of the Hub Boryspil Airport Development Strategy efficiency, which has been implementing since 2015, when for the first time during the previous three years the increase of the passenger flow was achieved. The reduction of costs was provided via transferring all flights to Terminal D (that decreased both passenger handling time and connection time), business processes optimization, procurement transparency and the Enterprise energy efficiency increase.