TAV Airports Sees 11% Increase in Passenger Numbers in 2024
Foreks - TAV Airports (IS:TAVHL) reported that the number of passengers served in 2024 was 11% higher than in 2023. According to the information in TAV Airports' "Investor Presentation," the number of passengers reached 106.5 million in the previous year, up from 95.53 million in 2023. The number of international passengers served in 2024 was 13% higher than in 2023.
Some of the actual figures presented in the presentation are as follows: "Antalya's international passenger count in 2024 was 7% higher than in 2023. Ankara's international passenger count in 2024 was 14% higher than in 2023. The fleet availability and geopolitics affected the fourth quarter. Izmir's international passenger count in 2024 was 16% higher than in 2023. SunExpress and Pegasus (IS:PGSUS) are making significant contributions to the growth of Izmir's international traffic. Almaty’s international passenger count in 2024 was 24% higher than in 2023."
The presentation provided the following information: "The capacity enhancement investments carried out by TAV Airports in Antalya and Ankara are progressing according to the planned schedule. The new international terminal at Almaty Airport was opened on June 1, 2024. Completion of Antalya Airport is expected by the end of the first quarter of 2025, while Ankara Esenboğa Airport is anticipated to be completed in the second quarter of 2025. The Almaty Investment Plan is expected to range between €150-300 million spread over 3-4 years between 2025-2028. The investment is expected to be financed through cash generated from Almaty's operations and the project finance investment loan limit, without requiring equity/shareholder loans from the Holding. The size of the investment program is intended to be updated during the Board of Directors meeting scheduled for February 2025. Positive outcomes from fare increase negotiations will be a significant determinant of the investment size. TAV Airports believes that it deserves a fare increase in return for the investment program to be carried out following discussions with stakeholders. (Fare increases were obtained in relation to new terminal investments between 2021-2024.) Current fares in Almaty are still at very low levels compared to benchmark airports. If TAV Airports' baseline scenario fare proposal is accepted, a 13-15% permanent increase in EBITDA is expected to begin in the second half of 2025 in Almaty. (This means Almaty’s EBITDA will be 13-15% higher than before the fare increase.)"