Turkish Airlines, the flag carrier of Turkey, announced a profit of $1.3 billion from its core operations for the third quarter of this year. The airline also noted a 5.4% rise in passenger capacity, successfully transporting 24.5 million passengers.
Despite facing challenges in the aviation industry, such as global geopolitical tensions, supply chain issues in aircraft production, and engine problems, the airline reported growth. It credited this success to its “agility and extensive flight network.”
From July to September 2024, Turkish Airlines saw its total revenues climb by 4.9% year-on-year, reaching $6.6 billion, even with a high comparison base from the same period in 2023.
Passenger Revenues and Cargo Performance:
Passenger Revenues: Passenger revenues, which made up 84% of the total, rose to $5.6 billion, largely due to strong performance in the Far East region.
Cargo Revenues: The airline’s cargo revenues for the third quarter surged by 47% year-on-year to $911 million. Turkish Cargo increased the volume of cargo transported by 16.8% compared to the same period in 2023.
Global Recognition:
In September, Turkish Cargo was recognized as the world’s third-largest air cargo carrier, holding a market share of 5.7%, according to data from the International Air Transport Association (IATA).
Fleet Expansion and Sustainable Initiatives:
Fleet Growth: As part of its strategy for its 100th anniversary, the airline plans to expand its fleet to 800 aircraft by 2033. Despite challenges in aircraft production, it increased its fleet by 9% in the first nine months of the year, bringing the total to 467.
Sustainable Finance: In the third quarter, Turkish Airlines became the first airline outside of China to finance three Airbus A350 aircraft in Chinese Yuan. Additionally, it secured a sustainability-linked loan for two fuel-efficient A321-Neo aircraft, marking a significant step into sustainable finance.
The CEO of Turkish Airlines expressed pride in the airline’s role as a representative of Turkey in the global air transportation sector. With a distinctive flight network, a modern fleet, exceptional service, and strong performance, the airline continues to excel. The CEO highlighted that agility and a solid flight network are crucial for attaining these remarkable achievements.
