TAV Airports announces EUR 732M revenue in 1H 2024
TAV Airports announced the financial and operational results of the group pertaining to the first half of 2024. The company disclosed EUR 81M net profit.
TAV Airports, a member of Groupe ADP, served 46 million passengers during the first six months of 2024, with a 17% growth compared to the same period in 2023. The international traffic of the group increased by 20%. This is reflected in financial results as the group increases its EBITDA by 47% to EUR 215M.
TAV Airports CEO Serkan Kaptan stated “We completed the first half of 2024 with 20% international and 17% total passenger growth versus 2023. A shorter winter season and the fleet growth strategies of many of our major airlines supported the growth of passenger traffic in our airports.
We were able to crown our strong operations with excellent financial results. Revenue grew 31% and reached €732m, EBITDA grew 47% and reached €215m and net income reached €81m. This level of net income that we achieved in the first half of the year was only 13% below the all-time high first-half-of-the-year net income that we had recorded in 2018. It makes us very happy to see that the significant investments we have made in the last three years are starting to pay off.
As promised, we opened the new international terminal at Almaty Airport on June 1, 2024. The airport was visited by President of Kazakhstan, Kassym-Jomart Tokayev, one day before the opening. The new terminal utilizes the latest technology to increase operational efficiency and features a range of world-class services to enhance passenger experience. It is also certified under IFC’s Excellence in Design for Greater Efficiencies (EDGE) program which recognizes environmentally friendly buildings.
Using our extensive know-how and global network, we have boosted air connectivity in Kazakhstan, creating new jobs and contributing to the sustainable development of the country. In just three years we nearly doubled the number of destinations connected to Almaty. We increased the number of passenger airlines serving the airport from 24 to 37 and the number of cargo airlines from nine to 16. Air Astana, the flag carrier of the country and its low-cost brand Flyaristan have an ambitious plan to grow their fleet and introduce new destinations. The new terminal has created the capacity to support their ambitious plans while we continue to expand the passenger and cargo airline portfolio of the airport. Our investments in Almaty will continue to create increasing value for all our stakeholders and local communities.
We are also well on track to complete our investments in Antalya and Ankara on time. Antalya which we expect to open in the first quarter of 2025 is 84% and Ankara which is expected to finalize in the fourth quarter of 2025 is 58% complete. Strong international growth which is 14% in Antalya and 30% in Ankara make the timely completion of our investments critical for Turkish aviation.
In June, we bid for the operations and maintenance contract for Kuwait International Airport for ten years with no investment requirement. Because this is an O&M contract, the financial impact on our company would be much smaller compared to a full concession. Nevertheless, we are very excited for the opportunity to take TAV quality to Kuwait, if we are to win.
With 144% USD and 169% TL return since the beginning of the year TAV Airports shares were the best performer of BIST 100 taking us to a market capitalization of 3.19 billion USD. I wholeheartedly thank all our employees, our shareholders and our business partners for their invaluable contribution to and support of TAV Airports.”
KEY PERFORMANCE INDICATORS
(in EURm) | 1H23 | 1H24 | Chg |
Revenue | 560.2 | 732.1 | 31% |
EBITDA | 146.7 | 215.4 | 47% |
EBITDA margin (%) | 26.2% | 29.4% | 3.2 ppt |
Net Profit | (7.5) | 81.0 | nm |
Number of passengers (m) | 39.1 | 45.9 | 17% |
- International | 24.2 | 28.9 | 20% |
- Domestic | 14.9 | 16.9 | 14% |
About TAV Airports
TAV Airports provides integrated services in all areas of airport operations, with a global footprint at 110 airports in 31 countries. A member of Groupe ADP, TAV Airports is part of the leading airport management platform globally. Through its subsidiaries, TAV is active in airport service businesses, including duty-free, food and beverage, ground handling, IT, private security and commercial area management. The Company provided services for 96 million passengers in 2023. The company is quoted on Borsa Istanbul.
For further information: Erhan Ustundag,
+90 212 463 30 00/2097 and +90 530 228 80 59
erhan.ustundag@tav.aero
www.tavairports.com
https://ir.tav.aero
