Turkish Airlines posts record Q1 revenue of $4.1bn

Turkish Airlines has achieved its highest-ever first-quarter revenue, reaching $4.4 billion with an increase of 43 per cent year-over-year, while the net profit reached $233 million with strong recovery on international demand.

Accounting 84 per cent of the total revenue, passenger revenues rose by 83 per cent and recorded over $3.6 billion.

As Türkiye’s flag carrier, the airline demonstrated its ability to navigate through a challenging operating environment during the first quarter of 2023, which was marked by devastating earthquakes centered in Kahramanmaraş – one of the worst disasters in Türkiye’s history. Through its 90 years of experience and successful crisis management, Turkish Airlines recorded net profit for the seventh consecutive quarter despite the negative circumstances surrounding our industry since 2020 with the beginning of the pandemic.

With one of the youngest and most modern fleet of 411 aircraft, Turkish Airlines increased its fleet size and workforce by 10 per cent compared to the same period of last year. In the first quarter of 2023, the airline carried over 17 million passengers in total, with a domestic load factor of 80.1 per cent and an international load factor of 81.4 per cent.

Despite the negative effects of global inflationary pressures on costs, EBITDAR (Earnings Before Interest, Taxes, Depreciation, Amortization, and Rent), which demonstrates the cash generation ability of the company, was approximately $770 million on the back of strong revenue growth.

While global international airline capacity in the first quarter of 2023 was 19 per cent below that of 2019 according to data published by airline data provider OAG, Turkish Airlines was among one of the few airlines in the industry by exceeding its 2019 international capacity by 26 per cent.

As Europe’s leading network carrier in terms of daily number of flights operated for the last three years according to the European Organization for the Safety of Air Navigation (Eurocontrol), Turkish Airlines also achieved a notable growth on a global scale by becoming the network carrier offering more international frequency than any other. As a result of investments in our country’s aviation infrastructure, Istanbul Airport became the busiest airport in Europe in the first quarter.

Turkish Airlines has been a major contributor to Türkiye’s economy and employment by growing significantly above the industry averages in terms of capacity, number of passengers and profitability over the last two decades. To maintain this trajectory, the national flag carrier has announced its 2033 strategy for its centenary aiming to double the fleet and passenger numbers by setting targets for enhancing the passenger experience, digitalization, and sustainability efforts.

Employing over 75 thousand staff with its subsidiaries, Turkish Airlines responded swiftly to the devastating earthquakes centered in Kahramanmaraş. In February and May, the airline evacuated 430,000 citizens, transported 433,000 people along with search&rescue teams, and sent over 29,000 tons of aid materials to the disaster areas.

To contribute to the recovery efforts, the airline also donated TL2 billion in cash aid to the Disaster and Emergency Management Presidency of the Ministry of Internal Affairs (AFAD). Additionally, Turkish Airlines pledged to provide support for building 1,000 houses and employ 1,000 personnel from 1,000 families impacted by the earthquakes.