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TAV Havalimanları Holding, Turkey’s largest airport operator, operates Antalya, Ankara Esenboga, Izmir Adnan Menderes, Milas Bodrum and Gazipasa Alanya airports in Turkey as well as Tbilisi and Batumi airports in Georgia, Monastir and Enfidha-Hammamet airports in Tunisia and Skopje and Ohrid airports in Macedonia. Madinah Airport in Saudi Arabia and Zagreb Airport in Croatia are also operated by TAV Airports.
TAV Airports is also active in other areas of airport operations including duty free, food and beverage, ground handling, IT, security and operation services.
TAV Operation Services (TAV OS), a subsidiary of Turkish airport operator TAV Airports, operates 90 lounges in 28 countries.
Aeroports de Paris Group owns 46.1% of TAV.
Household appliances manufacturer Arcelik increased its net profit by 9% y/y to TRY925mn in 2019 while its turnover grew 19% y/y to TRY32bn.
Ebitda was up 20% y/y in 2019.
In Q4 alone, net profit was down 14% y/y to TRY240mn versus a market expectation of TRY235mn.
“Arcelik met its 2019 guidance for the most part with 19% revenue growth (just shy of the 20-25% range) and a 10.5% EBITDA margin (spot on),” Berna Kurbay of BGC Partners said in a research note.
Seker Invest estimates a 3.2% dividend yield for Arcelik shares, Onder said in a research note.
A home appliances production plant built jointly by Arcelik and India’s Tata in westernmost Indian state of Gujarat has been inaugurated. The plant will produce refrigerators and washing machines. Initially it will manufacture 350,000 units of refrigerators, with output to increase to 2.5mn units over the next five years.
Tofas (TOASO), a JV of Fiat and Koc Holding established in 1968, increased its net profit by 11% y/y to TRY1.48bn in 2019 thanks to a 38% y/y jump to a profit of TRY451mn in Q4 that beat the market expectation for TRY401mn.
41 TURKEY Country Report March 2020 www.intellinews.com
