TAV announces EUR 88,1M net profit in 3Q results

TAV Airports announced the financial and operational results for the first nine months of the year. The company achieved EUR 355.7M in revenues, with a 56% increase compared to the same period last year.

A member of Groupe ADP, TAV Airports served 16.6 million domestic, 26.6 million international and a total of 37.2 million passengers during the first nine months.


TAV Airports Holding Executive Board Member & CEO Sani Sener stated, “With relative normalization of international travel where COVID-19 vaccine documentation has become mostly sufficient for cross-border mobility, we had significant increases in our international passenger traffic in the third quarter of 2021. Although there are still many exceptions to this rule of thumb, I believe the exceptions will tend to decrease as well over time. Since international traffic is the most profitable part of our business, this relative normalization was key to revenue recovery. Including revenue contribution of Almaty, which we acquired in May 2021, we recovered 82% of revenue compared to the third quarter of 2019. On a like for like basis without Almaty, we recovered 66% of revenue, which is in line with the recovery in international traffic.


Since the first day of the pandemic, with significant help from Turkish state, we managed to  achieve massive cuts  in our operating expenses  Without Almaty, on a like for like basis, our operating expenses(*) in nine months of 2021 were 44% below  nine months of 2019.


With good passenger recovery, strict opex control and contribution of Almaty, we managed to recover 79% of EBITDA that we had recorded in the third quarter of 2019 and generated significant amount of operational cash. With healthy cash generation, our net debt decreased 6% in the third quarter versus the second quarter. Therefore, I can say that we had an excellent third quarter of 2021.


We also had a very productive first quarter of 2021, during which we received two-year time extensions and rent deferrals for our Turkish airports from DHMI and where we booked a one-off gain of 109.0 million euros as a result of Tunisia debt restructuring.  With gains from Tunisia debt restructuring, significant EBITDA generation, improvement in the performance of our joint ventures and favorable impact of exchange rates, we ended nine months of 2021 with net profit of €88m.


During the third quarter, we signed the credit documents with IFC and EBRD and are now expecting to start to use the cash in the fourth quarter of 2021 on the construction of the new international terminal in Almaty. Almaty has been performing really well with delivery of €12.5 m EBITDA in five months. Seasonality is very low in Almaty so the first and fourth quarters should be relatively comparable to second and third quarters in financial performance, unlike the rest of our portfolio, which is mainly geared to the third and second quarters. In this regard, Almaty will also be instrumental in decreasing overall consolidated EBITDA seasonality.


Our first priority during the pandemic was to protect the health of our employees and our guests. With working from home and best-in-class precautions, I believe we achieved this goal. With 100% of our holding personnel now fully vaccinated we have returned to office as of October 2021.


I would like to thank our employees, shareholders and business partners for their hard work and continuous support, which has enabled us to successfully navigate this historical period. “


 (*) Cash operating expenses before depreciation, amortization and impairment



 (in EURm) 

2020 9M

2021 9M










EBITDA margin (%)



25.5 ppt

Net Profit




Number of passengers (m)




- International  




- Domestic  






About TAV Airports

TAV Airports provides integrated services in all areas of airport operations, with a global footprint at 92 airports in 26 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 Üstündağ,
+90 212 463 30 00/2097 and +90 530 228 80 59,