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TAV Airports

  • Type: 30 Million +

All Time High First Half Net Profit from TAV Airports

TAV Airports Holding (BIST: TAVHL, “TAV”), Turkey’s global brand in airport operations, increased passengers 31% and served 67 million passengers. The company increased net profit 55% and reached EUR 93 million.

TAV Airports Holding Executive Board Member & CEO Sani Sener stated “Leadership in our sector requires leadership in investments, financial capabilities, airport management, engineering and design. It also requires leadership in service companies in duty-free, catering, ground handling and technology. Job creation and talent retention are also areas where leadership is required. This is something we have achieved.

We have invested in 15 airports that we operate. We also provide services in 63 other airports. All in all we are a global brand with operations in 20 countries and 78 airports. We are having a successful year in all our areas of leadership. We derive 15% of our revenues from our international operations.

2018 is a year of records for most of the airports that we operate which are at all time highs in international passenger numbers. In the first six months of 2018, we achieved a 31% surge in our passenger numbers, thanks to strong growth in international traffic and addition of Antalya. We started operations at Antalya Airport in May 2018 and even excluding the inorganic contribution from Antalya we achieved a 16% passenger growth (like-for-like growth).  

We have crowned the record passenger numbers with all time high financial results for the first half of 2018. Our revenue increased 8% and reached 550 million Euro. Our EBITDA increased 25% and reached 254 million Euro and our net income increased 55% and reached 93 million Euro.

Antalya Airport is the second largest airport in Turkey in terms of international passengers and has tremendous growth potential. Following the addition of Antalya Airport into our portfolio, we revised guidance as more than 30 percent growth in total TAV passengers, 8 to 10 percent growth in Istanbul Ataturk Airport international passengers, 11 to 13 percent growth in Istanbul Ataturk Airport international O&D passengers, 4 to 6 percent growth in consolidated revenue, 14 to 16 percent growth in EBITDA, significant increase in net profit and around EUR 120 million in capital expenditures; subject to our traffic and FX assumptions, with the inclusion of Antalya Airport since May 2018 and assuming Istanbul Ataturk Airport will operate for the full year in 2018.

In the first half of 2018 we agreed with our partner Turkish Airlines to extend our partnership in TGS for 15 more years. With thıs extension both TGS and Havas will be clear beneficiaries of the traffic growth expected with the opening of the New Istanbul Airport.

BTA started to provide catering services in Muscat Airport in March 2018, which will be a sizeable operation for BTA. TAV Operation Services opened lounges in Zurich, Copenhagen, Frankfurt, Muscat  in the first half. TAV Technologies has become a global brand in infrastructure IT services and continues to grow its business portfolio.

I would like to thank all TAV employees, our shareholders and all our business partners for their efforts and trust in building Turkey’s global brand in airport operations.“



(in EURm)                                  1H17       1H18         %

Consolidated Revenue            510,7       549,7         8%

EBITDA                                       203,0       253,7         25%

EBITDA margin (%)                  39,8%       46,2%        6,4 ppt

Net Profit                                  60,0          93,1            55%

Number of passengers (m)    50,9          66,7           31%

- International                           28,4         40,0            41%

- Domestic                                 22,6          26,7           18%

*Adjusted for IFRIC 12 except for net profit.

For further information: Erhan Ustundag, +90 212 463 30 00/2097 and +90 530 228 80 59,