Incheon airport foresees full recovery from pandemic next year

Terminal 1 of Incheon International Airport is crowded with outbound travelers, Nov. 8. Newsis

Incheon International Airport, the country’s largest and busiest international air transport hub, expects to see a full-scale recovery in the number of air passengers to pre-pandemic levels next year, Incheon International Airport Corp. (IIAC) said, Wednesday.

“The airport has gone through difficult times during the COVID-19 pandemic, but airport operations are back to normal … The number of air passengers has recovered at around 80 percent of 2019's number and we expect a complete recovery next year, which is a year earlier than the initial forecast,” IIAC President Lee Hag-jae said during a press conference at the company headquarters in Incheon.

By the end of the year, the company predicts around 56 million air passengers will use the airport, which is a 213.1 percent jump from last year and a recovery of 78.6 percent of the 2019 figure. The increase is due to soaring air travel demand from and to neighboring Japan and Southeast Asian countries followed by an international rebound in overseas travel, the company explained.

Next year, the airport expects to receive 67.5 million to 71 million air passengers, which is nearly equivalent to or slightly over pre-pandemic levels.

Amid the global economic recession and worsening semiconductor industry, the airport expects a 6.9 percent decrease in cargo transport at 2.7 million tons this year. However, the figure was on a gradual upswing in the latter half of the year, according to IIAC.

Following this momentum, the company is optimistic about a turnaround in net profit for the first time in three years — by the end of the year.

The company expects its annual turnover will reach 2.1 trillion won ($1.6 billion) with a net profit of around 380 billion won, which is a 132 percent and 72 percent increase from last year, respectively.

Next year, IIAC aims to focus on continuing to implement digital technologies to improve the air traveling experience.

“The year 2024 will be the year of digital transformation for Incheon airport and the company will introduce cutting-edge technology to improve passenger convenience and lead global standards of tech-driven smart airports with exceptional level of services,” Lee said.

This year, the company introduced a new biometric identification system using the facial features of travelers, known as Smart Pass at departure and boarding gates at a trial level. The document-free service, which aims to ease passenger congestion and enhance aviation security by replacing paper-based in-person identification with a biometric system, will be gradually implemented in the airport next year.

Meanwhile, IIAC garnered international attention with its airport management know-how and is discussing public-private partnership (PPP) deals with the aviation authorities of Kuwait and the Philippines. Under the 600 billion won deal with Batam Indonesia Free Zone Authority, the airport operator is set to manage and develop the state-owned Batam Han Nadim International Airport by 2046.

“The company aims to win 10 additional PPP deals with international airports by 2030 and export Korea’s airport management technology and know-how overseas,” Lee said.