Turkish Airlines Announces Q3 2024 Results: $1.5 Billion Net Profit, 24.5 Million Passengers and a 47% Surge in Cargo Revenue

Turkish Airlines, the national flag carrier of Türkiye, announced its third-quarter 2024 financial results on November 5, 2024: net profit of $1.5 billion on revenues of $6.6 billion, 24.5 million passengers carried in July–September, a 47% annual surge in cargo revenues and a fleet expanded by 9% to 467 aircraft since the start of the year.

Quarter in figures

The company posted a $1.5 billion net profit in the third quarter of 2024, down 19.6% from the same period last year, it said on Tuesday, November 5, 2024. Revenues of the national flag carrier rose 4.9% at an annualized pace to $6.6 billion in July–September. Key metrics of the quarter:

• Net profit: $1.5 billion, down 19.6% year on year.
• Total revenues: $6.6 billion, up 4.9% at an annualized pace.
• Passengers carried: 24.5 million in the three-month period.
• Passenger revenues: $5.6 billion, or 84% of the total.
• Cargo revenues: $911 million, a 47% annual surge.
• Profit from Main Operations: $1.3 billion.
• EBITDAR: $2.3 billion, with a margin of 35.2%.

Growth despite industry headwinds

"Despite ongoing global geopolitical tensions, bottlenecks in aircraft production, and engine problems, Turkish Airlines continued its growth uninterruptedly thanks to its agility and extensive flight network, increasing passenger capacity by 5.4% in the third quarter of 2024," the carrier said in a statement. Passenger capacity, the measure of seats offered across the network, thus grew even as aircraft manufacturers worldwide struggled with production bottlenecks and the industry faced persistent engine maintenance problems.

Passenger demand and cargo strength

Passenger revenues, which accounted for 84% of the total, increased to $5.6 billion, led by strong demand from the Far East region. Third-quarter cargo revenues enjoyed a 47% annual surge, reaching $911 million, making air freight one of the fastest-growing lines of the quarter's results.

Profitability under cost pressure

"Due to competitive pressure on passenger unit revenues along with the negative impacts of global inflationary environment and engine problems on costs, Profit from Main Operations (were) recorded as $1.3 billion in the third quarter of 2024," the company said. EBITDAR — earnings before interest, taxes, depreciation, amortization and rent — amounted to $2.3 billion, with the EBITDAR margin standing at 35.2%.

Nine-month results and fleet expansion

In the first nine months of this year, Turkish Airlines increased its number of aircraft 9% to 467 "in spite of bottlenecks in aircraft production." For January–September, the company posted a $2.7 billion net profit, slightly down from a year ago, rounding out a period in which network expansion and cargo growth offset margin pressure on the passenger side.

Company and contacts

Turkish Airlines — national flag carrier of Türkiye.

Contact: corporate communications of Turkish Airlines — the company's third-quarter 2024 results statement as cited in the source article; no individual contact persons, phone numbers or e-mail addresses were published in the source.

Website: https://www.turkishairlines.com/