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“TAV Airports has managed to couple strong growth with the highest first half bottom line ever.“ |
Sani Şener President & CEO TAV Airports |
TURKEY. TAV Airports Holding posted record first-half net profit of €48.5 million (for the period January to June 2012). It compares to a net loss of €4.6 million for the same period in 2011.
TAV Airports President & CEO Sani Şener said: “In the first half of 2012, TAV Airports has managed to couple strong growth with the highest first half bottom line ever. The net profit that came in at €48 million is a record.
“This came together with an increase in consolidated revenues of +20% (to reach €483 million), while EBITDA increased +23% to reach €129 million and free cash flow was also very strong at €62 million.”
Duty free (via the ATÜ Duty Free joint venture) is a key contributor to the business, accounting for around 31% of consolidated revenues.
The strong financial results came on the back of robust passenger growth. The total number of passengers served by TAV Airports increased +34% year-on-year and reached 31 million in the first half of 2012.
Organic growth was +20%, while an additional +14% passenger growth came from the addition of the İzmir domestic terminal to the group’s portfolio.
TAV also noted that Tunisian passenger recovery has been “exceptional” at +56% on a cumulative basis.
The operational highlight of the second quarter for TAV was the takeover of operations at Medinah Airport in Saudi Arabia at the end of June.
TAV Airports, the leading airport operator in Turkey, operates 12 airports: Istanbul Atatürk, Ankara Esenboga, Izmir Adnan Menderes and Alanya Gazipasa in Turkey, Tbilisi and Batumi in Georgia, Monastir and Enfidha in Tunisia, Skopje and Ohrid in Macedonia, Medinah in Saudi Arabia and Riga (only commercial areas) in Latvia.
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