The Financial Performance Analysis Using Lopcow and Aroman Integrated MCDM Approach: An Application in Airport Groups

Abstract Airport groups are companies that deliberately expand their portfolio of domestic or international airports, resulting in a large number of airports under their management. These groups are among the aviation sector’s most important stakeholders. Despite the growing importance of airport groups, they have been largely neglected in the literature. The study aims to analyze the performance of airport groups by evaluating financial performance in a multidimensional manner through the inclusion of per-share metrics alongside traditional financial indicators. In this context, the study examined 11 airport groups in five dimensions. The study used the integrated MCDM approach developed by LOPCOW and AROMAN. The findings revealed that the financial structures and profitability of Airport Groups were decisive in performance in the pre-pandemic (2018-2019), pandemic (2020-2021) and post-pandemic (2022-2023) periods. Furthermore, the geographical diversity of the airports operated and the impact of the pandemic on the financial performance of airport groups were effective.