DUBAI: Turkey’s national carrier, Turkish Airlines, has reported a robust $1.3 billion profit for the third quarter of 2024, overcoming widespread aviation industry obstacles, including geopolitical tensions, production delays, and logistical challenges.
Passenger numbers rose to 24.5 million between July and September 2024, a 5.4% increase compared to Q3 2023, highlighting the airline's resilience in the face of sector-wide setbacks.
These impressive results underscore Turkish Airlines' status as a major player in global aviation, benefitting from an extensive flight network that continues to grow.
Resilient strategy
The airline's revenue for Q3 climbed to $6.6 billion, marking a 4.9% increase year-on-year. Of this, passenger services accounted for 84%, driven by increased demand on Far East routes. Turkish Airlines noted a high number of travellers on Asia-Pacific routes, which helped fuel passenger growth amid an otherwise challenging environment.
“Passenger revenues, which accounted for 84% of the total, increased to $5.6 billion driven by the strong contribution from the Far East region,” the airline’s statement reads.
Cargo division
Turkish Cargo, the airline's cargo division, contributed significantly to third-quarter gains, recording $911 million in revenue—47% higher than the same period last year. Cargo volumes surged by 16.8%, positioning Turkish Cargo as the world’s third-largest air cargo carrier in September, with a market share of 5.7%, according to the International Air Transport Association (IATA).
“Due to competitive pressure on passenger unit revenues along with the negative impacts of global inflationary environment and engine problems on costs, Profit from Main Operations recorded as $1.3 billion in the third quarter of 2024,” the airline added.
Fleet expansion
Turkish Airlines has ambitious plans to grow its fleet to 800 aircraft by 2033. As of September 2024, the airline’s fleet totalled 467 aircraft, reflecting a 9% increase since the start of the year. Despite production challenges, the airline is on course to achieve its 100th-anniversary expansion goals.
Innovatively, Turkish Airlines became the first non-Chinese airline to finance three Airbus A350s using Chinese Yuan, part of a broader strategy to diversify funding sources. The airline also secured its first sustainability-linked loan to finance two fuel-efficient A321-Neo aircraft, marking a milestone in its commitment to environmental responsibility.
Global representation
Currently employing over 93,000 individuals through its subsidiaries, Turkish Airlines continues to enhance its reputation for excellence in air travel and logistics. The airline’s focus on fleet expansion, sustainable finance, and competitive pricing highlights its preparedness to tackle evolving industry dynamics.
“Turkish Airlines proudly represents its nation in the global air transportation industry with its unique flight network, modern fleet, superior service, and successful performance,” the airline stated.