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TAV Airports Announces €982 Million Revenue in Nine Months

Issue 20 - 2023
TAV Airports Announces €982 Million Revenue in Nine Months

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.”

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