TAV Airports announces EUR 982M revenue in nine months
TAV Airports announced the financial and operational results for the first nine months of 2023. The company served 74.6 million passengers, with a 24% increase compared to the same period last year.
TAV Airports announced the full-year financial and operational results for 2023. The company served 96 million passengers, with a 22% increase compared to the previous year.
TAV Airports, a member of Groupe ADP, served 50 million international and 24.6 million domestic passengers during the first nine months of the year. The international traffic of the group increased by 27% compared to the same period last year.
TAV Airports CEO Serkan Kaptan stated “Turkish tourism continued to be sought after in the third quarter of 2023 and we are observing a longer season, especially in Antalya. Across our portfolio of airports, most of our major markets are above 2019 traffic. The number of our guests from Germany is 24%, UK is 48%, Poland is 78% and UAE is 29% above 2019 levels and Russian traffic is at 55% of 2019 level. We are also very pleased to welcome close to one million Kazakh travelers into our airports with a growth of 101% versus 2019. Starting with September, we started welcoming Russian travelers again into our Georgian airports and have observed that a partial recovery has started in Russian traffic.
International traffic in Almaty is booming with the growth of the middle class, increased business travel and growth in inbound tourism. Situated strategically between China and Europe, Almaty also enjoys strong cargo traffic, supported by e-commerce.
In addition to our ongoing investments in Antalya, Almaty and Ankara, our service companies are always actively looking for opportunities to grow their portfolio with TAV Operation Services having grown its portfolio to 86 lounges in 19 countries. Among its most notable lounges we can count lounges in Charles de Gaulle, Orly, Barcelona, Madrid, Ibiza, JFK and Dulles airports.
With very strong operations we had an EBITDA of €321 million in 2023 with a growth of 20% vs 2022. During the quarter, we completed the sale of 24% of TIBAH Development shares for USD 135 million resulting in a one-off gain of €83 million. Including this gain, we had a net profit of €176 million in 2023 which constituted a 37% growth over 2022.
As we approach the end of the year, we are reaffirming our 2023 guidance which we expect to materialize near the higher end in passenger numbers and EBITDA, and near the lower end in net debt/EBITDA.
I would like to use this opportunity to express my most heartfelt gratitude to our employees, shareholders and business partners for having created together a global brand in airport operations.”
KEY PERFORMANCE INDICATORS
(in EURm) | 9M22 | 9M23 | Chg% |
Revenue | 752.5 | 982.0 | 30% |
EBITDA | 266.9 | 321.3 | 20% |
EBITDA margin (%) | 35.5% | 32.7% | -2.8 ppt |
Net Profit | 129.0 | 176.2 | 37% |
Number of passengers (m) | 60.1 | 74.6 | 24% |
- International | 39.2 | 50.0 | 27% |
- Domestic | 20.9 | 24.6 | 18% |
About TAV Airports
TAV Airports provides integrated services in all areas of airport operations, with a global footprint at 108 airports in 29 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 is quoted on Istanbul Stock Exchange.
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
