Subscribe Free
in Business & Finance

TAV announces EUR 1,092 m revenue in 2016

Posted 20 February 2017 · Add Comment

TAV Airports Holding President and CEO Sani Sener has released a statement highlighting TAVs revenue for 2016.

Şener said: “2016 was a challenging year for the aviation sector, both in Turkey and abroad. Security-related concerns had a negative impact on the aviation industry. And yet, TAV achieved to increase the number of passengers served by 2 percent compared to 2015 thanks to its stable portfolio. Our consolidated revenue for the year was EUR 1,092 million, still 1 percent up compared to 2015; mainly thanks to other operating incomes particularly contributed by the newly created businesses.

EBITDAR declined by 4 percent, mainly due to high volume of low margin businesses and projects, as well as the change in passenger composition at Atatürk Airport. Meanwhile, the decrease in our net profit compared to 2015 was a result of the increase in leasing amounts paid to the state due to the increase in Euro. All in all, the decrease was also caused by the increased depreciation and leasing amounts, mainly stemming from Milas Bodrum International Terminal, and conversion of deferred tax asset of TAV Tunisia.

For 2017, the Board of Directors has resolved to submit a dividend of TRY 248 million to the approval of the General Assembly. Whilst this amount corresponds to a payout of 50 percent, which is the general approach; it is also a clear indicator of our ‘smart growth’ policy that balances the growth with the dividends. I find the social benefits that we create for our country, employees and clients as a company as equally important as our profitability. This year, we paid around TRY 1.5 billion to the state in the form of leasing amount, taxes and social security payments. In 2016, 23 percent of our combined revenue resulted from our international operations. Furthermore, TAV invested EUR 108 million to increase passenger comfort and create employment opportunities.

In 2017, we expect to see an increase by 4 to 5 percent in total number of passengers, a flat revenue & EBITDAR and a significant increase in net profit. Moreover, capital expenditure of approximately EUR 50 million is expected for 2017.

In 2016, TAV commenced works for the construction of new terminal building and runway rehabilitation projects at the Tbilisi Airport in Georgia. In the near future, TAV plans to close the transaction of acquiring 16.67 percent of the shares of Saudi Oger, TAV's concession partner at Madinah Airport, corresponding to half of the selling partner’s shares. The most important development of the year, on the other hand, was the invitation of our consortium by the Cuban state for exclusive talks to operate Havana Jose Marti and San Antonio de los Banos airports. TAV is eager to start operating Cuban airports.

Our best-in-class intellectual capital embodied by our employees is our most important competitive advantage in the growth and expansion of our portfolio in the following periods. I would like to thank all our employees, shareholders, and stakeholders for their unwavering support and trust in the TAV brand.”

* required field

Post a comment

Other Stories
Advertisement
Latest News

Oman Air makes premium comfort amenities in time for Eid Al Adha

Oman Air makes premium comfort amenities available for all on selected flights in time for Eid Al Adha.

Bryan Thompson appointed CEO of Abu Dhabi Airports

Bryan Thompson has been appointed Chief Executive Officer (CEO) of Abu Dhabi Airports.

Etihad Airways and Al Nassr FC announce partnership

Etihad Airways has signed an agreement to be the official shirt and main sponsor and partner of the Riyadh-based, Saudi Stars League team, Al Nassr FC.

Cobalt Air signs multi-year agreement with Travelport

Travelport has signed a new multi-year content agreement with Cobalt Air, which includes the use of the company’s leading merchandising tool, Travelport Rich Content and Branding.

Turkish Airlines sees operating net profit in first half of 2018

Turkish Airlines posted a USD 258 million Operating Net Profit in the first half of 2018.

Mighty task for Hercules in Middle East

Nearly 200 C-130 Hercules aircraft have been operated by Middle East air forces since the first was delivered to Iran in 1962. Alan Warnes reports.

TAA SK0902311218
See us at
GATM BT1004061118MarrakechAirshow BT2507241018Istanbul Airshow BT22018AIME19BTA3005120219MAPS18_BT1207131118MEBAA BT1004121218Cargo BT1004091018ASDubai BT1004091018BIAS BT271017161118Aviation Africa BT0607280219