Saturday, August 10, 2024
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In the second quarter of 2024, Turkish Airlines recorded a significant increase in its operations, increasing its passenger traffic by 7.7% and carrying 22.1 million passengers, resulting in a total profit from core operations of USD 591 million.
Despite challenges posed by global geopolitical unrest, aircraft production delays and ongoing engine issues, Turkish Airlines managed to maintain its growth trajectory. The company’s resilience is due to its adaptable operations and extensive flight network. Official statistics from the International Air Transport Association (IATA) show that while global passenger capacity barely returned to pre-pandemic levels during this period, Turkish Airlines exceeded its own 2019 figures by 38%, making it a frontrunner in the competitive aviation industry.
Turkish Cargo, which operates from Smartist, Europe’s largest air cargo hub, benefited significantly from the upswing in e-commerce this quarter. The cargo division also offered a reliable alternative to logistical challenges such as those in the Suez Canal, leading to a 32% increase in cargo volumes in six months and making it the third-largest air cargo operator globally, according to IATA.
From April to June 2024, Turkish Airlines recorded a 10% year-on-year increase in total revenue, reaching USD 5.7 billion. Of this, 81% came from passenger flights, which generated USD 4.6 billion, particularly due to operations in the Far East. At the same time, cargo revenue increased by 48% to USD 885 million. However, pressure on passenger unit revenue and rising global inflation rates led to a 26% decrease in profit from main business operations, which stood at USD 591 million.
With the aim of increasing its fleet to 800 aircraft by 2033 as part of its Centennial Strategy, Turkish Airlines has already increased its fleet by 9% to 458 aircraft in the first half of the year, despite the industry-wide decline in production.
Turkish Airlines employs approximately 92,000 people in its subsidiaries and underlines its role as a national flagship in the international aviation market through its extensive network, modern aircraft, exceptional service and consistent performance. Looking to the future, the airline aims to promote sustainable development in the aviation sector, aligning with national goals and its strategic vision for 2033.
