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“In the future, we are going to continue to abide by our “˜smart growth’ strategy, where we aim to balance growth with dividends.“ |
Sani Şener President & CEO TAV Airports |
TURKEY. A strong performance in duty free, retail and catering because of a favourable foreign exchange rate was “instrumental” in TAV Airports Holding achieving a consolidated net profit of €88 million in the first half of 2015, according to the operator.
President & CEO Sani Şener said the company’s strategy of growing “outside the TAV ecosystem through our service companies” was starting to bear fruit, with its duty free operation in Oman’s Salalah Airport commencing operations in the second quarter.
The Turkish company increased revenue by +17% to €508 million in the first half of the year, with Şener noting that the +4% increase in net profit was “mainly due to non-cash items, such as deferred taxes”.
Additionally, the number of passengers at TAV’s airports reached 48 million, an increase of +8% compared to the previous year. EBITDA growth was recorded at +21%.
In the second quarter of 2015, TAV said it distributed a total of TRY306 million (€100.4 million) in dividends as cash, corresponding to a payout ratio of 50% and a dividend yield of 3.5%. “In the future, we are going to continue to abide by our “˜smart growth’ strategy, where we aim to balance growth with dividends,” said Şener.
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TAV’s first half 2015 results in detail |
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A +8% growth in passenger numbers at TAV airports was recorded |
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TAV operates five airports in Turkey, among others overseas |
