Turkish Airlines is flying high with USD2.4 billion profit for 2024

Turkish Airlines has reported a US$2.4 billion profit for 2024 in a challenging aviation industry hit by geopolitical and global tensions, aircraft production delays and engine issues. The carrier also revealed a cash dividend of $260 million for the same period, partly owing to its share buyback strategy.

Net debt fell by $8.3 billion in the past three years, reflecting the airline’s strong performance. This follows Turkish Airlines’ impressive growth during the past 20 years, with the airline outperforming sector averages in capacity, passenger numbers and profitability.

Turkish Airlines’ total revenues in 2024 increased by 8.2% year-on-year to $22.7 billion. Passenger revenue rose by 4% under intensifying competition, while cargo revenue grew by around 35% compared to 2023.

Turkish Cargo increased its annual cargo volume by over 20%, becoming the world’s third-largest air cargo carrier according to data published by the International Air Transport Association. Around $18 billion of the airline’s total revenue was attributed to exports, while total assets were worth $40 billion, growing 18-fold since 2002.

Earnings Before Interest, Tax, Depreciation, Amortisation, and Rent totalled $5.7 billion with a margin of 25.3%, aligning with the carrier’s long-term targets.

When discussing the airline’s performance, Prof. Ahmet Bolat, Turkish Airlines Chairman of the Board and the Executive Committee, said: “Turkish Airlines continues to set industry benchmarks with its strong financial performance and strategic growth as showcased by our 2024 results.

“Despite global challenges, we remain committed to delivering our award-winning service and expanding our global network, while providing long-term value for our investors, employees, and of course our guests.

“As we move forward towards our 100th anniversary, we take pride in strengthening Türkiye’s position as a key player in global aviation and forge ahead on our journey to the top.”

2024 marked a year of milestones and achievements for Turkish Airlines. Reinforcing its leadership position as a global connector of continents and cultures, the carrier officially received the Guinness World Records™ title for “Most Countries Flown to by an Airline”.

Expanding into a new continent with the addition of Melbourne and Sydney routes to its network, Turkish Airlines also launched flights to Santiago, Chile, increasing its served countries to 131 and total international destinations to 299.

In 2024, Turkish Airlines was recognised as the “5-Star Global Airline” by APEX (Airline Passenger Experience Association) for the fourth time, “Best Airline in Europe” by Skytrax for the ninth time and “Most Sustainable Flag Carrier Airline” for the third time by World Finance.

The fleet increased by 12% to 492 aircraft in 2024, supporting Turkish Airlines’ ambition to have 800 planes by 2033. Also last year, the airline secured $1.8 billion in aircraft financing and became the first carrier to agree a finance deal in Chinese Yuan. It issued a sustainability linked loan for aircraft financing for the first time and was awarded six separate financing accolades by industry publication Airline Economics.

Employing over 95,000 people along with its subsidiaries, Turkish Airlines represents Türkiye in the global air transportation industry with its unique flight network, modern fleet, superior service and successful performance. The airline will continue supporting the aviation industry’s sustainable growth, in line with its 2033 strategy and Türkiye’s national development objectives.