The Turkish Airlines powerhouse has announced it doubled its operating revenue in 2022. As the carrier managed through the COVID-19 pandemic, its strong performance in its cargo business helped stimulate profits through some of aviation's darkest days. With the Star Alliance carrier seeing strong passenger demand as restrictions eased, the airline flew 71.8 million passengers across 2022, at 3% below pre-pandemic levels.
Throughout the pandemic, the airline could pivot, converting multiple passenger aircraft for temporary freight operations. From this, results show that for 2021 the airline reported cargo revenues at $4 billion, compared to a reduced $3.7 billion for 2022, identifying the change in the use of aircraft being refocused for passenger operations.
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Better profits than the big three
The Istanbul-based carrier's $2.7 billion net profit for 2022 shadows over the US big three, which, as reported by Air Insight, don't even come close. Turkish Airlines' revenues heavily rely on its extensive European network. It has also seen a sharp increase in Russian travelers, who have used Istanbul as a transit point given widespread sanctions against carriers operating in the Federation. Compared to 2019, Turkish has seen an increase of 24.8% in demand for travel on its network to the Middle East, 19% to Africa, and 16.8% for the far east.
The carrier has continued its fleet growth, up 20 aircraft from last year, now sitting at a healthy 394 aircraft in operation. The airline took delivery of thirteen A321neos, three A320neos, and eight Boeing 737 MAX 8, in addition to one Boeing 787-9 and the six ex-Aeroflot A350-900s.
Captivating the global market
Turkish Airlines continues to maintain its place as a global airline, holding 2.7% of global capacity, which is up 1% compared to 2010 and remains on par with Ryanair and Qatar Airways, and sitting behind American Airlines at 4.9%. However, growth and development from other front runners like Air France-KLM, Lufthansa, and British Airways are hot on TK's heels. The airline maintains its pioneer connectivity status throughout Europe, remaining the leading network carrier for three years.
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Reducing unit expenses
As the airline and passengers alike started to look at their spending due to global inflation, the airline maintained respectable load factors of 85.8% domestic and 80.1% international. By considering lowering its unit expenses, the airline has reduced operating costs by around 2%. Throughout the pandemic, the carriers' ability to pivot into cargo operations has helped its bottom line, quadrupling its cargo capacity compared to 2013. Ranking the airline in fifth when compared with other global competitors.
Relief for those affected by the earthquake
As noted by Simple Flying, the carrier has provided thousands of relief flights to earthquake-ravaged regions of Turkey, providing cargo, aid, and evacuation for thousands of people. Like the pandemic, the airline pivoted its operations again, sending available aircraft to the region to aid in airlift relief efforts.
Thousands of airline workers joined in the relief efforts along with thousands of employees of the airline's subsidiary companies. Turkish Airlines and its employees have undoubtedly significantly impacted relief efforts and, directly and indirectly, helped millions of affected residents. The airline continues to provide aid to those in the region in coordination with the AFAD.
Sources: Air Insight, FlightGlobal
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Istanbul Airport
- IATA/ICAO Code:
- IST/LTFM
- Country:
- Turkey
- CEO:
- Kadri Samsunlu
- Passenger Count :
- 37,176,509 (2021)
- Runways :
- 16L/34R - 3,750m (12,303ft) | 16R/34L - 3,750m (12,303ft) | 17L/35R - 4,100m (13,451ft) | 17R/35L - 4,100m (13,451ft) | 18/36 - 3,060m (10,039ft)
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Turkish Airlines
- IATA/ICAO Code:
- TK/THY
- Airline Type:
- Full Service Carrier
- Hub(s):
- Istanbul Airport
- Year Founded:
- 1933
- Alliance:
- Star Alliance
- CEO:
- Bilal Ekşi
- Country:
- Turkey
