Turkish Airlines increased its passenger capacity throughout the second quarter of this year. The airline said its performance exceeded the number of passengers carried pre-pandemic by nearly 40%.
Additionally, the carrier’s annual revenue reportedly grew by 10% during the quarter. It comes as the airline has introduced its 100th Anniversary Strategy to significantly increase its fleet size.
Uninterrupted growth
Despite challenges such as ongoing geopolitical tensions around the world, aircraft engine issues, and supply chain complications, Turkish Airlines said on Monday that it “continued its growth uninterruptedly” throughout Q2 this year. The carrier cited its extensive route network for transporting 22.1 million passengers between April and June.
International Air Transport Association (IATA) data showed that global passenger capacity statistics had finally reached pre-pandemic levels in Q2, but Turkish Airlines exceeded its passenger capacity recorded in 2019 by 38% – referring to itself as “one of the leading airlines in the industry” despite increased competition.
Photo: Oleh Yatskiv | Shutterstock
On the cargo side, the airline recorded accelerated growth during the second quarter. Turkish Cargo operates Europe’s largest air cargo facility at Istanbul Airport, SMARTIST. The facility recorded increased e-commerce capacity and was also a feasible alternative for shippers who attempted to avoid the ongoing disruptions in the Suez Canal. This allowed Turkish Cargo to handle 32% more cargo throughout the first six months of the year annually. Additionally, its performance placed it as the third-largest air cargo carrier in the world.
“Employing approximately 92 thousand people along with its subsidiaries, Turkish Airlines proudly represents its nation in the global air transportation industry with its unique flight network, modern fleet, superior service, and successful performance,” the carrier explained.
Revenue performance
Throughout the quarter, Turkish Airlines’ revenue grew year-over-year to $5.7 billion, representing an increase of 10%. Passenger revenues accounted for 81% of the total revenue. It increased to $4.6 billion and was reportedly driven by contributions from the Far East region.
The carrier’s cargo revenue reached a whopping $885 million during Q2, resulting in an annual growth of 48%. Despite the satisfactory performance, there were some profit decreases. According to the airline, main operations profits fell by 26% to $591 million due to “competitive pressure on passenger unit revenues and the adverse effects of global inflation on costs.”
Growing the fleet
As Turkish Airlines approaches its 100th anniversary within the next decade, the carrier has established a strategy to modernize and grow its fleet. Ultimately, the airline plans to expand its fleet to as many as 800 aircraft by 2033, but it cited recent “bottlenecks” in aircraft production. However, it has made progress this year. Within the first half of 2024, the airline increased its number of aircraft by 9%, operating a total of 458 planes.
Around 380 aircraft are currently active, according to ch-aviation. The airline’s widebody fleet is diverse, with 11 Airbus A330-200s, 33 A330-300s, and 20 A350-900s. Boeing widebodies consist of 35 examples of the 777-300ER and 22 examples of the 787-9 Dreamliner. For short to medium-haul flights, the carrier has five A319s, 12 A320s, one A320neos, 62 A321ceos, and 39 A321neos. Its Boeing narrowbodies include 27 examples of the 737 MAX 8, 75 of the 737-800, five of the 737 MAX 9, and 13 of the 737-900ER.
Its cargo fleet comprises the A330-200F and the 777-200F. The airline has more than 340 passenger and cargo aircraft currently on order.
“In the coming years, Turkish Airlines’ contribution to sustainable growth in the aviation sector will continue in line with the national development objectives and our 2033 strategy,” the airline said.
Source: Simple Flying
