Turkish Airlines managed to sustain its growth momentum without interruption, despite the persistent global geopolitical tensions, aircraft production bottlenecks, and engine issues. The airline’s agility and expansive flight network played a crucial role in this achievement, allowing it to transport a total of 22.1 million passengers in the second quarter of the year.
Recent data from the International Air Transport Association (IATA) reveals that while global passenger capacity has only recently returned to pre-pandemic levels in the second quarter of 2024, Turkish Airlines surpassed its 2019 passenger capacity by an impressive 38%. This remarkable performance solidifies our position as one of the industry’s leading airlines, even amidst escalating competition.
Turkish Cargo has also successfully secured a notable portion of the rapidly expanding e-commerce market in the second quarter of this year through its operations at Europe’s largest air cargo facility, Smartist.
Moreover, it has emerged as a significant alternative for shippers seeking to avoid disruptions in the Suez Canal. Consequently, Turkish Cargo has experienced a 32% annual increase in the volume of cargo transported in the first half of 2024, propelling it to the position of the world’s third-largest air cargo carrier according to IATA data.
During the second quarter of 2024, Turkish Airlines experienced a 10% year-on-year increase in total revenues, amounting to $5.7 billion. Passenger revenues, which made up 81% of the total, grew to $4.6 billion, mainly due to the Far East region’s contribution. Additionally, cargo revenues saw a significant annual increase of 48%, reaching $885 million. However, Profit From Main Operations declined by 26% to $591 million, attributed to competitive pressure on passenger unit revenues and the adverse effects of global inflation on costs.
Employing approximately 92 thousand people along with its subsidiaries, Turkish Airlines has also set a goal to grow its fleet to 800 aircraft by 2033 as part of its 100th Anniversary Strategy. Despite facing challenges in aircraft production, the airline managed to boost its number of aircraft by 9% in the first half of the year, reaching a total of 458.
