Turkish Airlines reported a $635 mn net profit in Q2 of 2023. The stellar performance was due in part to strong international demand. As a result, passenger capacity also increased by 28 percent compared to 2019 figures.
In a statement, Turkey’s national carrier likewise attributed its growth to successful crisis management. This enabled the airline to overcome the challenges that have plagued the travel industry since 2020.
Performance metrics
At the end of Q2, Turkish Airlines’ revenues reached to $5.1 bn. This was 13.5 percent higher compared to the same period last year. Due to decelerating global trade and the impact of the earthquake that hit Turkey earlier this year, cargo revenues decreased by 44 percent year-over-year to $600 million. However, this was still 53 percent higher than the 2019 level.
According to airline data provider OAG, global international airline capacity in the second quarter of 2023 was 12 percent lower than 2019. That said, Turkish Airlines was among one of the few airlines in the industry to exceed its 2019 international capacity by 29 percent.
Read: Turkish Airlines ‘biggest winner’ as global travel, aviation lifts off
With one of the youngest and most modern fleet of 419 aircraft, Turkish Airlines increased its fleet size by 10 percent compared to the same period of last year. It carried over 21 mn passengers in Q2 2023. Domestically, it reported an 85 percent load factor, and 81.8 percent internationally.
Sustainability initiatives
As for its sustainability initiatives, Turkish Airlines said it has been reducing its carbon footprint since 2008. It was awarded the “Most Sustainable Flag Carrier Airline” by World Finance Awards for the second year in a row.
Turkish Airlines was recognized for undertaking over 100 operational optimization projects. This includes the expanded use of Sustainable Aviation Fuel (SAF), which the airline used since 2022. Last year, Turkish Airlines saved 57,581 tons of fuel, equivalent to a reduction of 181,379 tons of greenhouse gases.
The airline also said it seeks to be carbon-neutral by 2050.
For more hospitality and tourism stories, click here.
