Turkish Airlines: $591M Profit, 22.1M Passengers in Q2 2024

Turkish Airlines: $591M Profit, 22.1M Passengers in Q2 2

17-08-24

Turkish Airlines has demonstrated remarkable resilience and growth in the second quarter of 2024, overcoming global challenges to report a profit of $591 million. The airline successfully transported 22.1 million passengers during this period, a testament to its expansive network and agile response to industry pressures.

Despite ongoing global geopolitical tensions and supply chain disruptions, Turkish Airlines maintained its growth trajectory. The airline's capacity rose by 7.7% compared to the previous year, significantly outpacing the recovery of global air travel, which has only recently returned to pre-pandemic levels. Turkish Airlines' passenger capacity in Q2 2024 surpassed its 2019 levels by an impressive 38%, underscoring its robust position in the industry.

Turkish Cargo, a subsidiary of Turkish Airlines, has also played a crucial role in the airline's success. By leveraging its operations at Europe's largest air cargo facility, Smartist, Turkish Cargo captured a significant share of the expanding e-commerce market. The cargo division saw a 32% year-on-year increase in the volume of goods transported, solidifying its rank as the world's third-largest air cargo carrier, according to the International Air Transport Association (IATA).

This strategic positioning has allowed Turkish Cargo to become a vital alternative for shippers seeking to avoid disruptions, such as those previously seen in the Suez Canal. The division's remarkable performance contributed significantly to the airline's overall revenue growth.

Turkish Airlines reported total revenues of $5.7 billion in Q2 2024, marking a 10% increase from the previous year. Passenger revenues, which constituted 81% of the total, grew to $4.6 billion, with the Far East region making a notable contribution to this growth. The airline's cargo operations also saw a 48% annual revenue increase, reaching $885 million.

However, the airline's Profit From Main Operations saw a 26% decline, attributed to competitive pressures on passenger unit revenues and the adverse effects of global inflation on operational costs. Despite this, the airline's overall financial performance remains strong, driven by its diversified revenue streams and strategic initiatives.

Looking ahead, Turkish Airlines is focused on further expanding its fleet and operations. The airline currently employs approximately 92,000 people and has set an ambitious goal to grow its fleet to 800 aircraft by 2033 as part of its 100th Anniversary Strategy. This expansion plan is crucial for maintaining its competitive edge in the global aviation industry.

Despite facing challenges in aircraft production, the airline managed to increase its fleet size by 9% in the first half of 2024, bringing the total number of aircraft to 458. This expansion is expected to support the airline's growth ambitions and further enhance its service offerings.

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