Subscribe Free
in Business & Finance

TAV Airports increases net profit 90%

Posted 24 July 2017 · Add Comment

TAV Airports Holding has announced its First Half 2017 EBITDA of EUR202 million and revenue of EUR511 million. The company posted a net profit of EUR 60 million with a 90% increase.

TAV Airports Holding Executive Board Member & CEO Sani Sener said: “Although 2017 started weak in our Turkish airports, we returned to a growth trajectory in the second quarter. International origin and destination (O&D) passenger volume in Ataturk Airport turned positive in April after 18 months and  grew 3% in the second quarter. Transfer passengers grew 12% in the same period. The number of tourists visiting Turkey started increasing after 20 months in April which reflected positively on our passenger numbers. Hence, despite a weak first quarter, we finished the first half with 2% passenger growth and served 51 million passengers.

“Consolidated revenue also increased 2% and reached €511 million. Since most of our cash opex is in Turkish Lira, due to depreciation of Turkish Lira, EBITDAR grew 5% in the first half. Istanbul Ataturk’s rent is paid in fixed US Dollars. This rent in Euros was higher due to depreciation of the US Dollar. Also, our grace period of two years where we paid half the amount of rent in Medinah came to an end. Therefore, with the increase in concession and rent expenses, EBITDA grew 4%. Due to lower finance expenses, net profit increased 90%. We continue to expect significant net profit growth for the full year.”

Sener added: “ We distributed 247 million TL of dividends as per our 50% dividend distribution policy. Since 2016, we invested €44 million in Tbilisi Airport and the extraordinary growth in this airport attests to the merits of this investment.  With the social and intellectual capital we amassed in 20 years we are researching new investment opportunities around the world. We signed an agreement with the Saudi Civil Aviation Authority (GACA) to take over Yanbu, Qassim and Hail airports. We want to repeat the success we had in Medinah airport at these new Saudi airports as well.

“The share purchase of Aeroports de Paris from Akfen Holding, our founding shareholder is a solid sign of ADP’s confidence in the future of Turkish aviation which opens up more growth opportunities for TAV Airports.

"I would like to thank all our shareholders, business partners and employees for their trust and efforts to make TAV what it is today.“

* required field

Post a comment

Other Stories
Advertisement
Latest News

Gulf Air’s on time punctuality garners top ranking in 2017

Gulf Air has been independently ranked by UK aviation analysts OAG the third most punctual airline in 2017, amongst Middle East and African airlines, with an average on-time performance (OTP) of 80.22%.

Aircraft Interiors Middle East and MRO Middle East opens today

The Aircraft Interiors Middle East and MRO Middle East events opened today in Dubai.

Emirates SkyCargo offers enhanced protection for pharmaceutical cargo

Emirates SkyCargo, has stepped up its commitment to securely transport temperature sensitive pharmaceutical shipments with the introduction of pharma corridors offering additional protection across selected stations in its

Boeing's 787-10 Dreamliner cleared for commercial service by Federal Aviation Administration

Boeing has announced the 787-10 Dreamliner received an amended type certificate (ATC) from the U.S. Federal Aviation Administration (FAA), clearing the aircraft for commercial service.

Dubai Air Navigation Services and SERCO Middle East sign contract

At its head quarter’s in Dubai International Airport (DXB), Dubai Air Navigation Services (dans) have signed a supplementary agreement with SERCO Middle East.

Airbus throws spotlight on Tactilon Dabat to develop apps for local security agencies

Airbus will throw the spotlight on the Tactilon Dabat, the world's first integrated smartphone and full TETRA radio--all rolled into one, during their first time participation at the 20th edition of Intersec, the world’s leading trade

Kuwait Aviation SK1909310118
See us at
Abu Dhabi AirExpo BT2018Istanbul Airshow BT22018Aviation Africa BT18418BIAS BT271017161118MEBAA BT2018Global Aerospace BT2018Saudi Future Airports BT150318AIME BT1204240118ArabianTravelMkBT250418