By Admin. Updated 10:05 a.m., Tuesday, April 29, 2025, Atlantic Standard Time (GMT-4).
The Argyle International Airport which operational in February 2017 recorded an operating profit of approximately $4.05 million for the 2024 financial year.
The announcement was made in Parliament on Monday (April 28) by Prime Minister Dr. Ralph Gonsalves.
The approximately $4.05 million Eastern Caribbean Dollars – XCD ($1 XCD = $0.37 USD) in profits for the year 2024 does not include the subvention that the government pays to the airport to help with its operations.
The airport is run by a statutory company called the Argyle International Airport Inc. The government of St. Vincent and the Grenadines is the sole shareholder in the company and pays it a subvention to help with operations.
The airport earns revenue through several ways ranging from departure taxes, to rent and advertising, among others.
“Dr. Gonsalves said that in 2024, operating revenue rose to $28 million, and after accounting for operating expenditures of $18 million, the airport achieved an operating profit, before subvention, of approximately $4.05 million,” the Agency for Public Information said in a release.
The news comes as major airlines such as American Airlines and Virgin Atlantic have increased the number of flights to the airport and new airlines such as Jet Blue have begun operating.
Later this year, another International carrier, Delta Airlines will begin a daily non-stop flight service between the U.S and SVG.
The increased number of airlines and flights is also linked to the country’s tourism expansion, particularly the March 2024 opening of Sandals Resort at Buccament.
Prime Minister Dr. Ralph Gonsalves said that the Argyle International Airport (AIA) has been showing revenue growth, having overcome early challenges and is a capital project that has aided in the economic development of the country, the API said.
“Dr. Gonsalves said that during the establishment of the airport, government projections indicated that the AIA would require financial support for the first four years of operations, as traffic volumes would initially be insufficient to cover expenses. However, unforeseen disruptions, including the global COVID-19 pandemic, the explosive volcanic eruption of La Soufrière in 2021, the collapse of LIAT, among other issues, extended the airport’s dependence on government subventions,” the API added.
“He said that in 2021 for instance, the subvention by government was $11.6 million because that was the year COVID-19 and the volcanic eruptions hit and the airport was basically closed,” the API reported.
“Things have been getting much better, from 2022 to 2023 and, of course, 2024 these are the numbers which I’ve just gave there…Madam Speaker, the more the airport is utilized, clearly, the more traffic comes through, the more revenues that we get, of course, expenditures also increased. Just to point out that in 2017 salaries and wages and related staff benefits were $7.4 million by 2024 it’s approximately $11 million a significant jump,” the Prime Minister stated.
“I should point out the operating expenditure would involved depreciation, amortization, general administration expenses, market expenses and the big item, salaries, wages and related staff benefits,” Dr. Gonsalves explained
Dr. Gonsalves also stated that, despite the early setbacks and increased costs, the airport is now a profitable operation.
The Prime Minister described AIA as “a transformational capital project,” and noted that it’s completion is a historic achievement for St. Vincent and the Grenadines (SVG) as it stands not just as an airport but as a beacon of national pride and resilience.
He noted that the government is committed to further strengthening AIA operations through continued maintenance and expansion, the API said.
