TAV Airports announced its financial and operational results for 2023. TAV served 96 million passengers with an increase of 22 percent compared to the previous year.
TAV Airports, Turkey’s leading global brand in airport operations, increased its turnover by 22 percent to €1.3 billion in 2023. Expecting to reach 100 to 110 million passengers this year, TAV also revised its expectations for 2025 upwards.
Serkan Kaptan, Chief Executive Officer of TAV Airports, said: “In 2023, we served 96 million passengers, closing the year 22 percent above 2022 and 7 percent above 2019. We continue to see traffic growth since the fourth quarter of 2023 due to the relatively warmer winter season.
When we break down the growth into its components, we see that international passenger growth, which is stronger, closed the year 13 percent above 2019. Also, most of our markets, except Russia and Ukraine, grew well above this average. Compared to 2019, our main market Germany grew by 24 percent, the UK by 58 percent, Poland by 78 percent and the UAE by 65 percent. The number of passengers arriving to Turkey from our airports outside Turkey also grew 75 percent above 2019. Following the travel ban that ended in May 2023, there was a gradual return of traffic between Georgia and Russia.
Stating that they completed their first bond issue abroad on December 7, 2023, Kaptan said, “The coupon interest rate of our five-year, USD 400 million bond was 8.5 percent. We swapped our bond payments into euros, and thus our coupon interest in euros decreased to 6.87 percent. Our bond attracted a lot of interest from investors and we received four times the demand. Despite the difficult conditions in the global markets, our bond issuance, which we executed extremely quickly and flawlessly, was the result of the knowledge capital of our company.”
“In 2023, our turnover grew by 25 percent compared to 2022, reaching 1.3 billion euros. EBITDA grew by 19 percent to 385 million euros. Our net profit was 249 million, up 104 percent compared to 2022. Our net profit was positively impacted by a one-time gain of €83 million on the sale of Medina shares and deferred tax income totaling €75 million, of which €59 million was due to inflation accounting applied to statutory books. In 2024, we expect our passenger numbers to be between 100 and 110 million, revenue between €1.50 billion and €1.57 billion and EBITDA between €430 and €490 million. We expect revenue growth to outpace passenger growth as we expect 2024 to be a strong year for our private lounge, IT and ground handling companies. We are also revising upwards our compound growth expectations for 2022 to 2025. We expect compound growth of 14-18 percent in revenue and 14-20 percent in EBITDA.”