The main theme of 2017 for us and the aviation sector in general was a sharp recovery from a very difficult 2016.
In 2017, our consolidated revenue increased 3% and reached EUR 1143 million. EBITDA increased 13% and reached EUR 519 million with improved cost control. We served around 115 million passengers in 2017, indicating 10% growth compared to 2016. We finished the year with 9% growth in Istanbul Ataturk Airport international O&D passengers and 7% growth in Istanbul international passengers. Our net profit grew at 37% and reached EUR175 million. In all items we have either met our revised guidance or have performed better than guidance, due to better than expected passenger recovery.
In 2017, we distributed TRY248 million in dividends in line with our “smart growth” strategy and our official dividend policy of 50% payout. Similarly, for 2018, our Board of Directors has resolved to submit for shareholder approval, a dividend of TRY406 million, out of 2017 earnings at the General Assembly meeting, which corresponds to a payout of 50%. We will continue to produce value for our investors both through regular dividend payments and addition of new concessions to our portfolio for further enhancement of future returns.
We are expecting another strong year in 2018 with 10 to 12 percent growth in total TAV passengers Under our traffic and FX assumptions and assuming Istanbul Ataturk Airport will operate for the full year in 2018, we expect 6 to 8 percent growth in Istanbul Ataturk Airport international passengers, 9 to 11 percent growth in Istanbul Ataturk Airport international O&D passengers, 2 to 4 percent growth in consolidated revenue, 5 to 7 percent growth in EBITDA, double digit increase in net profit and approximately EUR 80 million capital expenditures compared to 2017.
I would like to thank our shareholders, our employees and all our stakeholders for building one of the truly global Turkish brands. We will continue to serve the world proudly with the best-in-class know how that we developed in our home country.
Dr. M. Sani Şener
Member of Board of Directors and
President & CEO