A peek at the concept design of an upcoming revamp of Hamilton Airport terminal.

Waikato Regional Airport Limited is seeing record domestic passenger numbers flying in and out of Hamilton.

It has also met all earnings targets in its last financial year, as it continues to diversify the ways it generates revenue.

An industrial estate, accommodation and conference centre, and various other business centres on the airport land all sit below the soaring planes.

CHRISTEL YARDLEY/STUFF Hamilton Airport has seen a large increse of travelers over the past year.

Company chair Barry Harris reported at its annual general meeting that operating revenue for the year was $10.5m, compared to $8.6m the previous year.

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An increase in profits had been achieved despite the substantial purchase of a second fire engine, improvements to the airfield and minor alterations to the terminal, which cost $1.4m all up.

There had also been an eight per cent increase in passenger numbers this year, with a record of 382,000 domestic passengers having used the airport.

Looking ahead, Hamilton Airport will be beginning a multi-million dollar upgrade of its terminal and carpark next year.

It's expected to take about 18 months to complete.

"We are confident in our projections of solid continued passenger growth and earnings and we are absolutely committed to improving the customer experience," Harris said at the meeting.

"Over the last three years we have seen a 26 per cent increase in passengers through the airport and we see no sign of that slowing down."

The company had also been looking at its revenue streams other than those involving planes.

Hamilton Airport Hotel had been purchased by the company and taken on as a subsidiary in January 2018.

It had since started being refurbished into a 62-room 4-star conference facility and accommodation.

The spruced-up hotel will be completed by December 2019 and is forecast to result in another significant increase in revenue for Waikato Regional Airport Limited as a whole.

Other company subsidiaries included the Titanium Park industrial estate, and Hamilton & Waikato Tourism, tasked with marketing the region to international and domestic travellers.

Both of them were tracking well, with visitor nights to the Waikato having increased by 5.8 per cent, and visitor spend being up 3 per cent to an estimated $1.558b.

The airport is owned by a council-controlled organisation called Waikato Regional Airport Limited, with its shareholders being Hamilton City, Otorohanga, Waipā, Waikato and Matamata-Piako district councils.

For the third year in a row, its financial dividend will be spread between those councils.