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

Rolls-Royce Trent 1000 Ten receives certification

The Rolls-Royce Trent 1000 TEN, which will power all variants of the Boeing 787 Dreamliner, has been granted full flight certification from the European Aviation Safety Agency (EASA). This important milestone comes as the first set of

UAE Space Agency discusses cooperation with Ministry of Climate Change and Environment

The UAE Space Agency has discussed means of joint cooperation with the Ministry of Climate Change and Environment during a meeting between high-level Space Agency delegates and the Minister of Climate Change and Environment.

EgyptAir increases flights from Cairo to several cities around the world

EgyptAir is to add new flights between Cairo and a number of cities and capitals around the world, starting from October 29th, 2017 in the beginning of winter schedule this year.

RJ launches sales promotion campaign in Jordan

Royal Jordanian (RJ) has launched a new sales promotion campaign in Jordan on its destinations in Saudi Arabia; Riyadh, Jeddah, Medina and Dammam, in addition to Abu Dhabi and Dubai, in the United Arab Emirates.

DAE completes acquisition of AWAS

Dubai Aerospace Enterprise (DAE) has completed the previously announced acquisition of the AWAS group of companies.

Foreign operators cautiously resume Benghazi operations

Foreign airlines have slowly begun operating commercial flights to/from Benghazi, just weeks after local Libyan carriers resumed their own scheduled passenger services to/from the eastern Libyan city, reports ch-aviation.

TAA SK 12MTHS16
See us at
Aviation Show 267291117Global Aerospace BT28218DASAS BT3006161117Aviation Africa BT18418RMIT BT1631817DIAC BT1105121117DAS BT1105161117AIME BT1204240118Commercial Aircraft Financing BT2017