Turkish Airline’s Financial Performance Continues to Improve

Turkish Airline’s financial performance is continuing on an upward trajectory. As we know the airline  was a keen adopter of SAF (Sustainable Aviation Fuel) in order to reduce its carbon footprint and therefore help the industry to combat global warming. It was doing this at a time when many airlines were having difficulties due to the pandemic. In addition, even the recovery period after pandemic restrictions were lifted was difficult for many other airlines as staff were laid of during the pandemic when there was less demand. As a result, the industry faced staff shortages due to a sudden increase in demand leading to congestion at airports as well as mass delays and cancelations of flights.

The decision to use SAF and the goodwill created with customers may have translated into an improvement for Turkish Airline’s financial performance with the quarterly profit for the three months ending June 30th was 576 million US dollars. This was in itself also an improvement on the previous quarter in which the company made a profit of 161 million US dollars.

tr marcomacca 4 - Travel Radar - Aviation News
Turkish Airlines was a keen adapter of Sustainable Aviation Fuel © Marco Macca / Travel Radar

Turkish Airline’s Financial Performance

So what is the story now? Well Turkish Airline’s financial performance in the three months up to September 30th to 1.515 billion US dollars. As one can see this was another was another consecutive improvement in profit and was good news for the airline. Turkish Airline’s financial performance has improved by over 2 and a half times since the previous quarter when as we know the profit was 576 million US dollars.

Proportionately however, the improvement in Turkish Airline’s financial performance between the quarter up to September 30th and the last quarter (the three months up to June 30th) is less than the improvement between the last quarter and the quarter leading up to March 31st 2022. The improvement between the last quarter and the three months up to March 31st was in fact over 3 and a half times. Even though the improvement is proportionately less than before however, one could argue that this is to be expected given the fact that profits were already at such a high level.

Turkish Airlines
|Turkish Airline’s financial performance moves from strength to strength © Turkish Airlines


In terms of revenue (total money received), there has also been a marked improvement in Turkish Airline’s financial performance. It has created a revenue of 6.068 billion US dollars in the 3 months up to September 30th. In the last quarter it created a revenue of 4.535 billion US dollars. One can see that in terms of revenue Turkish Airline’s financial performance has improved by approximately a third. The fact that revenue has increased by over a third whist profits have increased 2.5 times indicates that the company is also getting better at cost control. This is a considerable achievement given the fact that SAF is more expensive than traditional fuel.

As one can see Turkish Airline’s financial performance is moving from strength to strength. For the third consecutive quarter in a row, the company has improved its profits. The fact that revenue is increasing as well indicates that the company is also able to create new business. We have to wait to see how this progresses.

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Amuthan Chandrarajan
Amuthan Chandrarajan
Aviation Reporter - Amuthan has a background in residential and commercial real estate. He also has a keen interest in aviation and travel and has visited many countries. Amuthan has a sound knowledge of business and finance.  He has gained a Master of Business Administration and has become a Chartered Management Accountant.