Equity Analysis /
Turkey

Turkey Aviation: Total PAX in domestic airports down by 4% y/y in March

  • Domestic PAX decreased by 4% y/y in March to 4.6mn (54.4% of its 2019 level); positive for THYAO, PGSUS and TAVHL

  • International PAX decreased by 3% y/y in March to 2.5mn which is 40.6% of its 2019 level

  • Istanbul Airport’s, main hub of Turkish Airlines, total PAX decreased by 7% y/y in March

Aytunc Uz
Aytunc Uz

Equity Research Analyst

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ATA Invest
8 April 2021
Published byATA Invest

Domestic PAX in Turkey decreased by 4% y/y in March to 4.6mn which is 54.4% of its 2019 level. Considering domestic PAX in Turkey was 3.7mn in February which was 48.8% of its 2019 level, there is a m/m improvement in domestic PAX in Turkish airports. International PAX decreased by 3% y/y in March to 2.5mn which is 40.6% of its 2019 level. Considering international PAX in Turkey was 1.7mn in February which was 32.5% of its 2019 level, there is a m/m improvement in international PAX in Turkey.

Istanbul Airport’s, main hub of Turkish Airlines, total PAX decreased by 7% y/y in March. Considering 7% y/y decline in total passengers vs. 8% y/y decline in ATM per day in the same period, THYAO’s load factor is likely to increase y/y in March.

Total PAX in Sabiha Gokcen, main hub of Pegasus, increased by 7% y/y to 1.6mn in March which is 57.7% of its 2019 level. Domestic PAX was up by 11% y/y to 1.2mn which is 67.3% of its 2019 level whereas international PAX was down 3% y/y to 0.5mn in March which is 42.0% of its 2019 level. Considering domestic PAX was 1.0mn and international PAX was 0.3mn in February which were 61.0% and 36.4% of their 2019 levels respectively, there is a m/m improvement in total PAX in Sabiha Gokcen. Also, considering 7% y/y more passenger vs. 5% y/y more ATM per day in the same period, PGSUS’ load factor is likely to increase y/y in March.

TAV Holding’s total PAX was down by 17% y/y to 1.8mn which is 36.4% of its 2019 level in March. Domestic PAX decreased by 9% y/y in March to 1.3mn which is 45.5% of its 2019 level. Considering domestic PAX was 1.0mn in February which was 39.9% of its 2019 level, there is m/m improvement in domestic PAX. International PAX decreased by 31% y/y to 0.5mn in March which is 24.3% of its 2019 level. Considering international PAX was 0.2mn in February which was 14.9% of its 2019 level, there is m/m improvement in international PAX.