Successful first quarter for TAV Airports Holding

TAV Airports Holding

In Q1 of 2018, TAV Airports Holding recorded a 23 per cent jump in the passengers served at its airports, reaching 28 million.

Also in the same quarter, the airport operator increased its revenue by 10 per cent to $301 million.

Commenting on the successful figures was executive board member and CEO, TAV Airports Holding, Sani Sener: “The strong recovery in 2017 continues into 2018 as well. In the first quarter of this year, we had a 23 per cent increase in TAV’s total passengers. All airports in our portfolio had a very strong quarter of passenger growth in 2018.

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“In the first quarter, 20 per cent of our combined revenue, which amounted to $97 million came from our foreign operations. Our consolidated revenue increased 10 per cent and EBITDA increased 25 per cent, as a result of the strong performance and our keen emphasis on cost control,” Sener added.

TAV Airports Holding’s service companies performed well in Q1, with TAV Operation Services emerging as a global lounge operator.

“This is a niche business area where we are truly adding value and defining best practices,” said Sener. “We opened lounges in Frankfurt, Zurich, Copenhagen and Muscat in the first quarter, and BTA took over the food and beverage operations in Muscat Airport.”

During the first quarter of the year, the airport operator also formalised a share purchase agreement to acquire 50 per cent of Antalya Airport from IC-Ictas for approximately $437 million.

“Upon the closing of the transaction, we will have already replaced around 25 per cent of Istanbul’s EBITDA,” Sener explained.

“We distributed $100 million in cash dividends in the first quarter, as per our smart growth policy, where we distribute 50 per cent of our earnings and reinvest the remaining 50 per cent in our business,” he concluded.