Turkish Airlines records $1.3bn profit for Q3
Turkish Airlines reported a significant profit of $1.3 billion for the third quarter of 2024, despite ongoing geopolitical tensions and widespread challenges in the aviation industry.
Passenger numbers for the quarter reached 24.5 million, marking a 5.4% increase from Q3 2023.
This growth occurred amid a challenging environment for airlines, as the sector grapples with aircraft production delays and issues in engine manufacturing.
Total revenue for Turkish Airlines rose to $6.6 billion, up 4.9% year-on-year, with passenger services making up 84% of this figure. Routes to the Far East were particularly popular during this period, supporting revenue growth.
Turkish Cargo also posted impressive results, with revenue surging by 47% year-on-year to $911 million and cargo volumes up by 16.8% compared to the previous year.
This growth positioned Turkish Cargo as the third-largest air cargo carrier globally in September, securing a 5.7% market share according to IATA.
The airline attributed its robust Q3 performance to its extensive global route network, which spans more countries than any other airline.
Turkish Airlines plans to continue expanding its reach, aiming to operate a fleet of 800 aircraft by 2033, aligning with its centenary celebrations. As of September, the airline’s fleet had grown to 467 planes.
In financing developments, Turkish Airlines became the first non-Chinese carrier to finance three Airbus A350s using Chinese Yuan and also secured a sustainability-linked loan for two A321neos, marking its first foray into sustainable finance initiatives.
