TAV increased revenue by 17%
TAV increased its revenue by 17% to EUR 508 million in the first half of 2015. Consolidated net profit of TAV Airports increased 4% and reached EUR 88 million. The number of passengers at the airports operated by TAV reached 48 million with an increase of 8% compared to the previous year.
TAV Airports Holding (ISE: TAVHL, “TAV”), a global player in airport operations, announced a net profit of EUR 88 million in the first half of 2015 with an increase of 4% compared to the previous year and increased its revenue to 508 EUR million with an increase of 17%.
TAV Airports Holding President & CEO Sani Şener stated “We made a strong start to 2015 in the first half of the year. Passengers served grew at 8%, while revenue grew at 17% YoY. Strength in aviation and commercial (duty free, catering and retail) revenue due to favorable FX was instrumental, while new IT projects also contributed the topline. EBITDA growth was at 21% and operating leverage continued. Net profit grew at 4%, mainly due to non-cash items, such as deferred taxes.
In the second quarter we distributed a total of TRY306m in dividends as cash, corresponding to a payout ratio of 50% and a dividend yield of 3.5%. In the future, we are going to continue to abide by our ‘smart growth’ strategy, where we aim to balance growth with dividends.
Medinah airport renovation project was completed in the second quarter and after trial runs, the opening ceremony was honored by His Royal Highness King Salman of Saudi Arabia. It was also a pleasant surprise for us to celebrate both Ramadan and the opening of the new terminal together. We are very proud to serve the second holy city of Islam with an airport that’s truly at global standards.
The duty free operation in Oman, Salalah also started in the second quarter, as our strategy of also growing outside the TAV ecosystem through our service companies starts to bear fruit. The vertically integrated airport system we have built puts us in the forefront at this industry. While we are always keen to improve ourselves, we have also started selling know-how across the world through our training company, TAV Academy. Through our airport and service companies we now provide services in 64 airports across the world and this number will grow.
I’d like to take this opportunity to thank all members of the TAV Airports family for their uncompromising effort in building what we know as TAV today.“