TAV Airports Holding Company reports highest ever net profit

Shares in Turkey’s TAV Airports Holding Company closed 0.9% higher yesterday, upon the release of the company’s financial report for the 12 months ended 31-Dec-2009. The airport operator reported a record high net profit for the year of EUR51.5 million, up ten-fold from a EUR4.7 million net profit in 2008.

During the period, revenues rose 2.0% year-on-year to EUR608.9 million on a 3.0% year-on-year increase in passenger numbers to 42.1 million passengers. The weight of aeronautical revenues (including guaranteed passenger fee revenues from airports in Ankara and Izmir) in total operating income has increased from 42% in 2008 to 43% in 2009. Second revenue contribution comes from duty-free services with 33%, followed by other revenues 24%.

EBITDA jumped 23.0% year-on-year to EUR136.7 million, resulting in an EBITDA margin of 22.4% (+3.8 ppts year-on-year).

TAV CEO, Sani Şener, stated the record high figures reflects the company’s “resilience to external shocks” and demonstrate the “best examples for making rapid decisions in crisis atmosphere and analytic management that is the only method for leading such a voluminous business”.

The full financial report of TAV Airports Holding Company is available in today’s edition of Airport Business Daily. Sign up to for exclusive access to the latest strategic news updates on airports, including these global financial and traffic highlights today:

Selected airports daily share price movements (% change): 11-Mar-2010