TAV Airports has announced its financial and operational results for the first half of 2024. The company achieved significant successes in the first six months of the year, further cementing its leadership in the sector. Here are the details:
Financial and Operational Successes
In the first half of 2024, TAV Airports recorded a net profit of 81 million euros. The company’s consolidated revenue increased by 31% compared to the same period last year, reaching 732 million euros. With operations continuing strongly, EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) rose by 47% to 215 million euros. Net profit came in just 13% below the highest half-year profit figure in TAV Airports’ history, achieved in 2018.
Significant Increase in Passenger Traffic
In the first half of 2024, international passenger traffic increased by 20%, while domestic passenger traffic rose by 14%. The company achieved overall passenger growth of 17%. A shorter winter season and airline fleet expansion strategies supported this growth.
Innovations at Almaty Airport
TAV Airports opened the new international terminal at Almaty Airport on June 1. The new terminal, visited by Kazakh President Kassym-Jomart Tokayev before its opening, is equipped with services and technologies aimed at enhancing passenger satisfaction and operational efficiency. Additionally, the terminal minimized its environmental impact and received the EDGE certification. Almaty’s airline connections have nearly doubled in three years, and the number of airlines serving the airport has significantly increased.
Major Investments and Future Plans
TAV Airports is continuing its major investments at Antalya and Ankara airports on schedule. The investment in Antalya is 84% complete, and the investment in Ankara is 58% complete. These investments are crucial for the growth of international passenger traffic.
TAV Airports has submitted a bid for the 10-year operation and maintenance service tender for Kuwait International Airport. If successful, the company is excited to bring its quality standards to Kuwait.
Stock Market Performance and Gratitude
Since the beginning of the year, TAV Airports has been the highest-performing stock in the BIST 100, with a return of 169% in TL terms and 144% in USD terms. The company’s market value has risen to 3.19 billion dollars. TAV Airports CEO Serkan Kaptan expressed gratitude to all employees, shareholders, and business partners for their valuable contributions and unwavering support.
Summary of Financial and Operational Information
- Consolidated Revenue: €560.2 million (6M23) → €732.1 million (6M24), +31%
- EBITDA: €146.7 million (6M23) → €215.4 million (6M24), +47%
- EBITDA Margin: 26.2% (6M23) → 29.4% (6M24), +3.2 points
- Net Profit: -€7.5 million (6M23) → €81.0 million (6M24)
- Passenger Numbers: 39.1 million (6M23) → 45.9 million (6M24), +17%
- International: 24.2 million (6M23) → 28.9 million (6M24), +20%
- Domestic: 14.9 million (6M23) → 16.9 million (6M24), +14%
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