Saturday, August 10, 2024
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In the second quarter of 2024, Turkish Airlines saw a notable rise in its operations, boosting its passenger volume by 7.7% and transporting 22.1 million passengers, which led to a Profit From Main Operations totaling 591 million USD.
Despite the challenges of global geopolitical unrest, production delays in aircraft manufacturing, and ongoing issues with engines, Turkish Airlines managed to maintain its trajectory of growth. The company’s resilience is attributed to its adaptable operations and an expansive network of flights. Official statistics from the International Air Transport Association (IATA) reveal that while the global passenger capacity in this period barely returned to pre-pandemic levels, Turkish Airlines surpassed its own 2019 figures by 38%, marking it as a frontrunner in the competitive airline industry.
Operating from Smartist, Europe’s largest air cargo hub, Turkish Cargo significantly benefited from the surge in e-commerce this quarter. The cargo division also offered a reliable alternative to logistical challenges like those in the Suez Canal, resulting in a 32% increase in cargo volume over six months and ranking it as the third-largest air cargo operator globally, according to IATA.
From April to June 2024, Turkish Airlines reported a 10% increase in total revenue year-over-year, reaching 5.7 billion USD. Of this, 81% came from passenger flights, generating 4.6 billion USD, particularly bolstered by activity in the Far East. Meanwhile, cargo revenue jumped by 48% to 885 million USD. However, pressures on passenger unit revenues and rising global inflation rates led to a 26% reduction in Profit From Main Operations, which stood at 591 million USD.
With aspirations to grow 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 production slowdown.
Turkish Airlines employs roughly 92,000 people across its subsidiaries, showcasing its role as a national emblem in the international aviation market through its extensive network, modern aircraft, exceptional service, and consistent performance. Looking ahead, the airline is dedicated to fostering sustainable development within the aviation sector, aligning with national goals and its strategic vision for 2033.
