TAV Havalimanları swings to profit in first half

ISTANBUL

Airports operator TAV Havalimanları posted a net income of 81 million euros in the first half of 2024 against a loss of 7.5 million euros in the same period of last year.

The company’s revenues rose 31 percent annually in January-June to more than 732 million euros, while EBITDA surged 47 percent to 215.4 million euros.

Airports operated by TAV served a total of 45.9 million passengers in the first 6 months 2024, marking a 17 percent annual increase. International passengers grew 20 percent to 28.9 million and the domestic passenger tally rose 14 percent to 16.9 million, the company said in a statement.

“A shorter winter season and the fleet growth strategies of many of our major airlines supported the growth of passenger traffic in our airports,” commented Serkan Kaptan, TAV’s CEO.

The level of net income TAV achieved in the first half of the year was only 13 percent below the all-time high first-half-of-the-year net income that they had recorded in 2018, Kaptan said.

“With 144 percent USD and 169 percent Turkish Lira 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,” he added.

Capital expenditures amounted to 102 million euros, pointing to a 4 percent increase from January-June last year, showed the company’s financials.

TAV operates airports in Türkiye, Kazakhstan, Georgia, Tunisia, North Macedonia, Saudi Arabia and Croatia.