Gimhae airport posts record operating profit, topping W100b for first time

Gimhae airport posted an operating profit of 100.6 billion won ($74.4 million) last year, surpassing the 100 billion won mark for the first time since the airport opened.

The result far outpaced Jeju airport (78.8 billion won), Gimpo airport (57.7 billion won) and Cheongju airport (3.5 billion won), making it the top-performing regional airport in the country. Compared with its 2023 operating profit of 52.9 billion won, the figure has nearly doubled in just two years.

The rapid growth in Gimhae airport's earnings has also raised expectations for an early and profitable launch of the planned Gadeok New Airport nearby.

People Power Party Lawmaker Kim Mi-ae of Haeundae-gu, a member of the National Assembly's Land, Infrastructure and Transport Committee, released the figures Monday, citing management performance data submitted by Korea Airports Corporation. According to the data, Gimhae airport's sales totaled 238.1 billion won last year, yielding an operating profit margin of 42.2 percent — more than 10 percentage points above the 28.7 percent margin recorded last year by Incheon airport, the country's only hub airport.

Gimhae airport posted an operating loss of 39 billion won in 2022 as the COVID-19 pandemic effectively halted international flights. After services resumed, it swung to a profit of 52.9 billion won in 2023, with an operating profit margin of 31.0 percent. The margin climbed further to 39.8 percent in 2024, when operating profit reached 84.4 billion won. If the trend continues, the airport's operating profit this year is expected to exceed 120 billion won.

The steady improvement in Gimhae airport's performance has fueled optimism about the future profitability of Gadeok New Airport, which is set to open in the coming years. If the new airport can diversify its routes — particularly by adding long- and medium-haul direct services — it could reach profitability relatively quickly after opening.

Meanwhile, only four of the 14 regional airports managed by Korea Airports Corporation turned a profit last year: Gimhae, Jeju, Gimpo and Cheongju. The remaining 10 recorded a combined operating loss of 117.9 billion won, underscoring the wide performance gap between airports. Among the four profitable airports, Gimhae stood out with the highest operating profit and margin, posting by far the strongest growth.

"Gimhae airport is the main gateway for residents of Busan and the southeastern region, and it ranks first in operating profit among the 14 airports Korea Airports Corporation operates," Kim said. "Those results should translate into improvements that passengers can actually feel — more parking, better transport access and expanded passenger amenities."