Istanbul Airport 2020 Warranty Payment Approaches 2 Billion TL

Istanbul airport yearly guarantee payment approached billion TL
Istanbul airport yearly guarantee payment approached billion TL

Serving 2019 million passengers in 52, Istanbul Airport remained at 2020 million in 23,4 due to the pandemic. In 2019, Istanbul Airport, which earned an income over the guaranteed amount and transferred 22,4 million Euros to DHMİ, the payment to be received from DHMI for 2020 is approximately 230 million Euros. Postponement for rent is on the agenda once again.



According to the report of Emre Deveci from SÖZCÜ; “While aviation was one of the sectors most adversely affected by the pandemic, airport operators also knocked on the door of the State Airports Authority (DHMİ) for support.

Tav Airports received a two-year extension in the operation period for Antalya, Ankara, Gazipaşa-Alanya, İzmir and Milas-Bodrum airports operated on the grounds of "force majeure" and a four-year postponement for the lease payments of 2020.

The most curious result is the support request of the Istanbul Airport operated by IGA, in which Kalyon, Cengiz, Limak and Mapa are partners. The negotiations between DHMİ and İGA continue. There are rental postponement, discount and contract extension options on the table.

Speaking to Bloomberg, two sources noted that one of the options for IGA would be to offset the annual rent with the public passenger guarantee payment.

According to the contract, the annual lease price IGA has to pay to DHMİ is 1 billion 45 million Euros. DHMİ's passenger service fee guarantee to İGA is 2020 million Euros for 333,8. If it stays below this level, DHMİ has to pay İGA, if it exceeds this level, İGA has to pay DHMİ.

Istanbul airport yearly guarantee payment approached billion TL

GUARANTEE IN 2020 333,8 MILLION EURO

Passenger shuttle charges at Istanbul Airport; 20 euros per outbound passenger, 5 euros per outbound transfer and 3 euros per domestic departure passenger.

The airport, which was put into service on 6 April 2019, served 31 million passengers in the period until 2019 December 52, and the passenger service revenue in 2019 was announced as 255,5 million Euros. Since the 9 million Euros guaranteed by DHMİ for a 233,1-month period was exceeded, the difference of 22,4 million Euros was paid to DHMİ by İGA.

However, in 2020, the picture was reversed due to the pandemic.

In 2020, Istanbul Airport served only 23,4 million passengers. Considering that the decrease in the number of international passengers with expensive service fees is more than the decrease in the number of domestic passengers, IGA generated passenger service revenue between 2020 and 100 million Euros in 115.

In this case, the money to be paid by DHMI to IGA was approximately 230 million Euros. When calculated with today's exchange rate, the figure corresponds to 1 billion 930 million TL.

According to the possible rental discount or postponement agreement between İGA and DHMİ, passenger guarantee payment will be made or an offset will be made.


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