TAV disclose $50M in net profits in 2021

During the same period, TAV’s revenue reached $580M.

TAV Airports Holding Executive Board Member & CEO Sani Sener said:“2021, for us, was a year of significant passenger recovery, massive inorganic growth and value creating corporate actions.

“We have communicated for a while that the industry has expected the global passenger recovery to be two-pronged where leisure and short haul destinations recover the fastest. In line with these expectations, TAV Airports’ passenger recovery towards 2019 levels has been significantly faster than most peers.

“International travel has been gradually normalising for the last two quarters as COVID-19 vaccine documentation has become mostly sufficient for cross-border mobility. There are still many exceptions to this rule of thumb but the exceptions are decreasing as time passes. Thanks to gradual normalisation, in the third quarter, we reached the highest levels of passenger recovery since the beginning of the pandemic. The recovery then accelerated during the fourth quarter as more unhindered international mobility became possible.”

He added: “With accelerating recovery and contribution of Almaty, we managed to recover 100% of revenue compared to the fourth quarter of 2019. Revenue recovery in the second half of 2021 vs the second half of 2019 was 89%.

“Through substantial help from Turkish state, we achieved extensive reductions in our operating expenses. On a like for like basis, without Almaty, our operating expenses were 37% below 2019.

“As a result of accelerating international passenger recovery, ongoing cost control and contribution of Almaty, EBITDA recovery in the second half of the year reached 77% vs 2019 during which we generated significant operational cash. Thus, we can say that we had an excellent recovery in the second half of the year both operationally and financially.

Thanks to substantial improvement in EBITDA and one-off income from Tunisian debt restructuring, we ended the year with net profit of $50M.”