TAV Airports CEO Serkan Kaptan answered questions from CNBC-e reporter Emre Eser during the International Economic Summit (UEZ). Kaptan emphasized the ongoing transformation in Turkey’s tourism sector and shared significant insights on the post-pandemic and post-war recovery process.
Transformation in Antalya After the Russia-Ukraine War: European Tourists Replaced Russian Travelers
Serkan Kaptan noted that major tourism hubs like Antalya experienced a significant loss of passengers due to the Russia-Ukraine war. However, this loss was compensated by an influx of European visitors, especially from Germany:
“Antalya used to have a large number of Russian passengers. With the onset of the war, we lost about 40% of that market. But we quickly filled this gap with European travelers. German tourists took the lead. With passengers from the UK, Poland, and other European countries, the decline in Russian visitors was not only offset—it was exceeded.”
Kaptan also added that if the war ends, they expect a new wave of growth in passenger numbers.
Record Passenger Numbers After the Pandemic: Over 38 Million in 2023
Stating that TAV Airports surpassed its pre-pandemic annual passenger figure of 35 million, Kaptan announced that they closed 2023 with over 38 million passengers:
“Before the pandemic, we were at around 35 million passengers. We ended 2023 with more than 38 million. When the war ends, this number will rise even further. We foresee continued double-digit growth.”
Balanced Revenue Structure at TAV Airports: Aviation and Commercial Services Side by Side
Highlighting that TAV is not only involved in aviation activities but also operates in a wide range of areas from terminal management to duty-free, food and beverage services, and aircraft fuel operations, Kaptan emphasized the balanced distribution of revenues:
“We are not limited to aviation. In Turkey, we provide services in terminal operations, duty-free, and food and beverage, among others. We also manage aircraft fuel operations in Kazakhstan. 55% of our revenues are directly aviation-related, coming from aircraft and passenger services. The remaining 45% comes from commercial services. This represents a healthy balance for us.”
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