Turkish Airlines Flying High with $2.4bn Annual Profit

Turkish Airlines has reported a $2.4bn 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 $260m for the same period, partly owing to its share buyback strategy.

Net debt fell by $8.3bn 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 $22.7bn. Passenger revenue rose by 4% under intensifying competition, while cargo revenue grew by around 35% compared to 2023.

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.

Turkish Airlines Chairman, Ahmet Bolat, 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.