TURKEY. ADP Groupe company TAV Airports has said that recovery across its airport network is accelerating in line with the lifting of travel restrictions, boosting its prospects of a much-improved traffic and financial performance in the second half of 2021.
The company commented as it reported first-half financials, with revenue of €156 million up by +10% year-on-year on a +14% passenger traffic rise to 13.1 million (8 million domestic). Net profit of €23 million fell by €150 million compared to a year ago.
Encouragingly, June passenger traffic improved sharply as quarantine-free air travel opened from Turkey to Germany and Russia in that month. Russian flight restrictions to Turkey were lifted on 22 June so the positive effect should be seen in Q3 and beyond.
Turkey’s COVID-19 vaccination programme has also picked up speed in June with around 50% of the population now having had at least had one dose.
TAV Airports Holding Executive Board Member & CEO Sani Sener said: “Quarantine-free travel was made possible from Turkey to Germany in the first week of June and from Turkey to Russia in the last week of June. On 11 July Poland also lifted quarantine for travellers from Turkey. Presently our Turkish airports can welcome Russian, German, Ukrainian and Polish visitors which make up 65% of TAV’s international passengers travelling to Turkey.
“North Macedonia entered the EU’s green list in June and quarantine-free travel also became possible for Georgia. With these developments there was a notable pick-up in our passenger numbers in June, the full effect of which we expect to see July onwards.
“The first half of July was significantly above June in terms of recovery levels, in-line with our expectations. According to preliminary July numbers, in the first 20 days of July, Antalya served 59% of international passengers compared to the same period in July of 2019.
“We have always told our investors that recovery in our airports would be very quick once restrictions were lifted, which is what we are witnessing at the moment. According to Eurocontrol numbers, among all European countries, Turkey has recovered the fastest compared to July 2019 in terms of daily flights.”
Sener also pointed to Q2 EBITDA of €27.9 million, the highest quarterly figure since 2019. He added: “As the third quarter is seasonally the strongest in our business, we are looking forward to a solid next quarter with the continuation of quarantine-free travel availability using our airports.”
Duty free revenues (through the company’s 50% ownership of ATÜ Duty Free) climbed by +15% to €5.9 million, with catering services (BTA Catering) down by -9% to €18.6 million.
