TAV Airports announced the financial results for the first half of the year. In this period, the company achieved a turnover of 10 million euros, an increase of 155,9 percent compared to the same period of the previous year.
TAV Airports, Turkey's leading brand in airport operations in the world, served 8 million domestic and 5,1 million international passengers in the first half of the year.
TAV Airports Chairman of the Executive Board Sani Şener said, “In the first quarter of 2021, which was a very productive year for our company, our airports in Turkey received two-year extensions and lease postponements. Also, in the same period, we created a one-off financial income of 109 million Euros with Tunisia debt restructuring.
The second quarter of 2019, in which we achieved the highest EBITDA recorded since 2021, was the most successful quarter we have had operationally since 2019. As the third quarter is the strongest seasonally in the aviation sector, we expect the next quarter to be much stronger, provided that the quarantine-free travel opportunities continue.
It became possible to travel without quarantine from Turkey to Germany in the first week of June, from Turkey to Russia in the last week, and from Turkey to Poland in the second week of July. Thus, we are now able to host our Russian, German, Ukrainian and Polish guests, who make up 65% of our international passengers in Turkey, at our airports. We experienced a significant recovery in the June passenger journey as North Macedonia entered the EU's green list and most of Georgia's main markets were able to travel without quarantine. However, we expect to see the full impact of these new permits in July and beyond.
In line with our expectations, the first half of July was much better than June in terms of recovery. When we look at the figures for the first 20 days, we see that Antalya international passengers reached 2019 percent compared to the same period of July 59.
During the pandemic process, we expressed to our investors that when the restrictions are lifted, the recovery in our airports will be very fast, and we are witnessing this process together right now. According to Eurocontrol July figures, Turkey is the European country that experienced the fastest recovery in the number of daily flights compared to 2019.
With these positive developments supporting our activities, we closed the second quarter of 2021 with a turnover of 95 million Euros, which is the highest quarterly turnover we have achieved since the beginning of the pandemic. Almaty, which we started to consolidate in May 2021, contributed 19.5 million Euros to our consolidated turnover. With strict cost control and the support of our government, we can reduce our expenses, including Almaty.(**) We managed to keep it 41 percent lower than before the pandemic. Excluding Almaty, our expenses were 47 percent below the pre-pandemic period. Almaty contributed 5,5 million Euros in two months, accounting for 6 percent of our 23-month consolidated EBITDA. Among the airports we operate abroad, Almaty achieved the fastest recovery, which was 2019 percent above 50 on the domestic line and 2019 percent on the international line. Thus, we closed the first half of 44 with a turnover of 2021 million Euros, an EBITDA of 156 million Euros and a net profit of 24 million Euros, thanks to the financial contribution of the Tunisian configuration, the positive developments on the passenger side and the strong performance of Almaty, which we have just added to our portfolio.
With the acceleration of the vaccination program in our country in June, we reached the level of having vaccinated approximately 50 percent of our population at least once, and Turkey took its place among the successful vaccination programs in the world with this current situation. Provided that the positive developments continue, we expect a third quarter in which our airports are working intensively and this is reflected strongly in our financial results.
Our first priority during the pandemic period has been to protect the health of our employees and passengers. I think we have successfully passed this exam with our practice of working from home and our best health measures. In the coming period, we are planning to take normalization steps gradually. I would like to express my gratitude to our employees, shareholders and business partners who brought our brand to where it is today with their valuable efforts and unwavering support in these historically difficult days.”
Be the first to comment