Turkish Airlines Closes Third Quarter of 2022 with US$1.5 Billion Net Profit
Turkish Airlines closed the third quarter of 2022 with a US$1.5 billion net profit, thanks to its operational agility and ability to meet the increasing demand because of its highly-skilled workforce and the wide flight network it preserved during the pandemic.
The company managed to conclude its fifth quarter in a row with a net profit despite the difficult operating environment that persisted since 2020.
Total revenue during the third quarter of 2022 was at US$6.1 billion, surpassing the same period in 2019 by 52%. Constituting 14% of the total revenues, cargo revenues also increased by 110% compared to the same period in 2019 and were recorded at approximately US$880 million.
Meeting passenger demand
Despite the disruptions in European airports, the company managed to meet passenger demand. In spite of the inflationist pressures on the global scale, Turkey’s flag carrier also managed to record a net profit during the third quarter of 2022 by lowering its unit expenses excluding fuel by 5% compared to the same period in 2019. As a result, EBITAR (earnings before interest, taxes, amortization, and rent), which shows the cash generation potential of the company, reached US$2.1 billion.
During the third quarter of 2022, passenger capacity exceeded the 2019 levels by 16%. Turkish Airlines carried a total of 23 million passengers with a 91.4% load factor on domestic flights and an 85.3% load factor on international flights. Their fleet, one of the world’s youngest and most modern, consists of 390 aircraft, 260 of them narrow-body and 109 of them wide-body, and 21 cargo aircraft.
As Europe’s leader in terms of the number of flights operated by a network carrier during 2021 and the first half of 2022, Turkish Airlines recorded significant success on the global scale in the third quarter of the year by becoming the network carrier that offers more international seat capacity than any other.
Uninterrupted flight operations
As the insufficient workforce and infrastructure were deeply felt during the third quarter, the company continued its flight operations uninterrupted. While European carriers experienced 1.7% flight cancellations on average, this rate was at 0.3% for the airline. As a result of the country’s investments towards aviation infrastructure, İstanbul Airport and Sabiha Gökçen Airport were among the best performers in Europe in terms of on-time departures.
Quadrupling its market share in the cargo transportation market in the last ten years, the company strengthened its success by being the world’s fourth biggest air cargo carrier according to IATA’s August 2022 data.
Moving to SMARTIST, the new cargo operations centre built with high technological features in İstanbul Airport in February 2022, Turkish Cargo is aiming to further enhance its position among the leading air cargo brands of the world at its new home.
To learn more about Turkish Airlines, visit their website at turkishairlines.com.
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