INTERNATIONAL/TURKEY. TAV Airports Holding (TAV) has reported a +37% increase in net profit in 2017 to reach €175 million. Consolidated revenue rose +3% to €1,143 million.
EBITDA increased +13% to reach €519 million, as a result of improved cost control, TAV said.
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TAV, which has a 50% stake in duty free operator ATU, also reported a -10% decrease in duty free spend per passenger for the year, to €13. It said the decrease was mainly due to the depreciation of the Turkish Lira impacting Turkish passengers’ spending, as well as a “weakness in European passengers”.
Food & beverage spend per passenger at BTA, which TAV also has a stake in, was down -7.7% from €1.3 in 2016 to €1.2 last year.
TAV served about 115 million passengers in 2017, representing +10% year-on-year growth.
“In [many] items we have either met our revised guidance or have performed better than guidance, due to better than expected passenger recovery,” said TAV Airports Holding Executive Board Member & CEO Sani Sener.
“The main theme of 2017 for us and the aviation sector in general was a sharp recovery from a very difficult 2016.”
Sener said TAV was “expecting another strong year in 2018”. The company projects a double-digit increase in net profit and +2-4% growth in consolidated revenue. It also expects +5-7% growth in EBITDA. Total passenger numbers are projected to increase +10-12%.
TAV is the largest airport operator in Turkey and includes Istanbul Ataturk, Ankara Esenboga, Izmir Adnan Menderes, Gazipasa Alanya and Milas Bodrum Airports in the country. It also operates Tbilisi and Batumi Airports in Georgia, Monastir and Enfidha-Hamammet Airports in Tunisia, Skopje and Ohrid Airports in Macedonia, Medinah Airport in Saudi Arabia and Zagreb Airport in Croatia.
