Turkish Airlines, Türkiye’s flag carrier, has achieved a remarkable $1.3 billion profit for the third quarter of 2024, defying challenges and geopolitical tensions that have slowed the aviation sector worldwide. Despite the turbulence and supply chain delays in aircraft production, the carrier enhanced its performance, displaying resilience and adaptability. More particularly, passenger traffic saw significant growth with the airline carrying 24.5 million passengers between July and September representing a 5.4% increase from the same period in 2023. This growth contributed to Turkish Airlines’ total Q3 revenue of 6.6 billion and a 4.9% increase year-on-year, with passenger services making up 84% of the revenue. Routes to the Far East played an important role in this success, as demand in the region continued to rise, improving revenue growth.
Cargo operations boost performance
Turkish cargo made a powerful impact on the airline’s Q3 results posting a 47% revenue increase to $911 million. This achievement, combined with a 16.8% increase in cargo volumes compared to the previous year, positioned Turkish cargo as the third largest air cargo carrier internationally. Consequently, it held a 5.7% global market share according to IATA. The airline attributes its strong results to its extensive global route network which reaches more countries than any other airline worldwide. This unique reach has helped Turkish Airlines maximise its presence in diverse markets and overcome challenges affecting the global aviation industry. More particularly, the airline explained:
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’s EBITDAR amounted to $2.3 billion, and its EBITDAR margin stood at 35.2%, exceeding its historical average and peers. Financial income generated through Turkish Airlines’ effective and dynamic portfolio management also played a key role in supporting net profit.”
Turkish Airlines plans to expand its global presence targeting a fleet of 800 aircraft by 2033 in honour of its 100th anniversary. As of September, the airline’s fleet had reached 467 aircraft. In terms of financing, Turkish Airlines became the first airline outside China to finance three Airbus A350 in Chinese Yuan. Moreover, it secured a sustainability-linked loan for two A321neo aircraft marking its first step into sustainable financing efforts. This move not only supports the airline’s environmental goals but also limits currency risks.
As Türkiye’s national airline advances with fleet expansion and innovative financing, it positions itself as a competitive force in the aviation industry, setting new standards for resilience and adaptability.
Will the carrier’s sustainability efforts and fleet growth increase its reputation and appeal in the global aviation market? Share your thoughts in the comments below.
Aviation Reporter - Originally from Greece, Elpida is an English language literature graduate, currently pursuing her Master's degree in Linguistics. Her studies have helped her understand the complexities of language and the importance in conveying the desirable message to readers when writing content. Alongside this, Elpida loves travelling so looks forward to bringing her passion and interest to the readers of Travel Radar!
