TAV Airports increased its revenue by 2% to EUR 231 million in the first quarter of 2016. The company posted EUR 82 million in EBITDA with an increase of 4%.
TAV Airports Holding (BIST:TAVHL, “TAV”), a global player in airport operations, announced its 2016 first quarter EBITDA of EUR 82 million with an increase of 4% and revenue of EUR 231 million with an increase of 2%.
TAV Airports Holding Executive Board Member & CEO Sani Sener stated “The first quarter is traditionally the weakest season for the aviation industry. This year, we had a very challenging start, mainly due to security concerns driven by increased geopolitical risks. Despite these, TAV Airports Holding realized 6% growth in passenger numbers y-o-y, while Istanbul Ataturk Airport enjoyed the same growth in international passengers.
In the first quarter of 2016, TAV Airports attained consolidated revenue growth of 2% and EBITDA growth of 4%, compared to the first quarter of 2015. We achieved these results, in an environment where the change in passenger mix towards transfer passengers have put significant pressure on our financials.
Capital expenditures were almost flat at EUR24 million, with ongoing investment in Istanbul Ataturk Airport extension project and runway & taxiways rehabilitation project in Tbilisi International Airport, which we conduct to maximise passenger comfort and satisfaction.
We distributed a total of TRY348m in cash dividends in 2016 in line with our 50% payout policy. In the future, we are going to remain on our track record of ‘smart growth’ strategy and continue to balance growth with dividends.
Going forward, we will focus on the organic growth of our existing airports portfolio and the enlargement of this portfolio by addition of new airport operation assets. The third pillar of our strategy is the vertical growth of our service companies. We will continue to seek value accretive potential opportunities across the world. Currently, TAV is representing Turkey with 65 airports all around the world, both through airport and service operations.
I would like to thank all our shareholders, business partners and employees for their trust in and dedicated efforts for the TAV Airports brand.“
