Turkish Airlines’ Financial Performance Results in Profit in First Quarter 2023

Turkish Airlines’ financial performance remains strong as it posts a profit in its latest release. Turkish Airlines, an early pioneer of the use of SAF, has been credited with lowering its carbon footprint through the use of SAF (Sustainable Aviation Fuel). As we know SAF uses a source of fuel that is more environmentally friendly consisting mainly of ethanol and other plant-based substances. As a result, it significantly reduces the emissions of greenhouse gases. Turkish Airlines, possibly as a result of its endeavors, has gone from strength to strength in 2022 resulting in a healthy 2.725 billion US dollars profit which was almost 3 times higher than the profit made in 2021.

Turkish Airlines A321
Türkish Airlines has moved from strength to strength © Wikimedia Commons

Turkish Airlines’ Financial Performance

However, the situation has not been easy regarding Turkish Airlines’ financial performance or the industry. Over the past few years, the industry has been dealing with the problems caused by the Covid pandemic. As we know, when the pandemic struck, countries greatly restricted flights, and the resulting reduced demand meant that many airlines ended up making severe losses. To make matters worse, after restrictions were lifted, airports struggled to cope with the resulting surge in flight demand. This is because many staff had been laid off during the pandemic when demand was less, and as a result, there were now staff shortages as airlines and airports struggled to re-recruit quickly. Therefore, airports restricted passenger numbers and thus, airlines had to follow suit and reduce flights.

However, Turkish Airlines’ financial performance seems to have overcome such challenges. In the first quarter leading up to 31st March 2023, the airline made a 233 million US dollars profit. This is 45% higher than the 161 million US dollars made in the three months up to 31st March 2022. This shows a marked improvement in Turkish Airlines’ financial performance compared to the same time in the previous year, which shows that the airline is continuing its upward trajectory.

tr marcomacca 4 - Travel Radar - Aviation News
Turkish Airlines performance was better than the same time last year © Marco Macca / Travel Radar

Turkish Airlines’ Revenue

In terms of Turkish Airlines’ revenue (total money received), the airline made 4.353 billion US dollars in the 3 months up to 31st Mach 2023. This is 43% better than the 3.051 billion US dollars made during the same period in 2022. This shows that Turkish Airlines’ financial performance in terms of revenue has improved significantly, which shows that its attractiveness to customers has increased. The fact that profit has increased by 45% but revenue has increased by slightly less at 43% indicates that cost control has also improved but is more or less similar to how it was before.

In terms of the company’s response, the company’s Investor Presentation states that Turkish Airlines’ financial performance in the quarter leading up to 31st March 2023 was, in fact, better than in pre-pandemic 2019 in terms of revenue. This is good news as it shows that attractiveness to passengers and, therefore, customer receipts are more than in pre-pandemic years, which means that the airline has recovered from the pandemic in popularity. Debt has also been reduced.

The company’s priorities are to sustain its competitive cost base (which essentially means keeping the cost of flights for passengers low), a continued focus on deleveraging and keeping liquidity at comfortable levels (which means reducing debt and saving enough cash available for any unanticipated expenses), targeting new organic growth opportunities (expanding the fleet for example by buying new planes), investing in increased connectivity (for example creating new flight routes to different cities), and exacting ancillary revenues to enhance top-line growth (finding higher interest accounts to keep cash for example).

As one can see, Turkish Airlines’ financial performance continues to move from strength to strength and is exceeding pre-pandemic levels in terms of revenue. The airline has several priorities for the future. 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. 
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