TAV Airports registers $60.7m net profit in H1 2012
Figures represent the company’s highest ever first half bottom-line after strong passenger growth
TAV Airports, the Turkish airport operator, announced on Friday that it had registered a net profit of $60.7m in the first half of 2012, a significant improvement from the previous year’s figures when it registered a net loss of $5.75m.
The net profit figures represent the highest ever first half bottom-line, said Sani ?ener, TAV Airports president and CEO. He added that there was also a 20% increase in consolidated revenues, which reached $604.6m. EBITDA increased by 23% to $161.4m, while free cash flow was also ‘very strong at $77.6m.
“The strength of the bottom-line gives us a lot of optimism for the rest of the year and also goes to show that our present portfolio has entered the stage whereby it can both deliver exceptional growth and generate handsome amounts of cash and net profit. The exceptionally strong financial results came on the back of superb passenger growth,” ?ener explained.
“The total number of passenger served by TAV Airports increased by 34% y-o-y and reached 31m in the first half of 2012, resulting in remarkable growth. While the organic growth was an impressive 20%, 14% additional growth came from the addition of ?zmir domestic terminal to our portfolio,” he added.
Furthermore, the results showed that TAV Airport’s operations in Tunisia saw a strong recovery in passenger numbers, registering 56% on a cumulative basis. This was also reflected in the company’s consolidated financials.
However, the operational highlight of the second quarter was the operator’s performance after it took over operations at Medinah Airport in Saudi Arabia at the end of June 2012.
“At the heart of the Muslim world, the Medinah Airport is also poised to deliver exceptional growth in the coming years. These results give us many reasons to be very positive for the year-end results,” ?ener said.
TAV Airports currently operates 12 airports across Europe and the Middle East, including Istanbul Atatürk, Batumi in Georgia, Monastir and Enfidha in Tunisia, Skopje and Ohrid in Macedonia, Medinah in Saudi Arabia and Riga (only commercial areas) in Latvia.
