Turkish Airlines revenue rises 10% to nearly $5bn

Turkish Airlines/X

Revenue at Turkey’s national carrier Turkish Airlines rose 10 percent year on year in the first quarter of 2024 to $4.8 billion, driven by growing passenger numbers.

Turkish Airlines flew 18.5 million passengers from January to March, up 8.4 percent annually, it said in its latest investor presentation.

Passenger revenue climbed 5 percent year on year to nearly $4 billion, while cargo revenue surged 27 percent annually to $750 million due to strong e-commerce activity.

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However, net profit slipped 3 percent to $226 million in the first quarter, compared to $233 million a year earlier.

Fuel expenses declined 8 percent year on year amid lower fuel prices, while a 13 percent annual increase in passenger capacity helped ease cost pressure.

Turkish Airlines connects to 295 destinations in 130 countries. Its fleet consists of 145 aircraft, with Airbus and Boeing split at 55 percent and 45 percent, respectively.

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In April Bloomberg reported that Turkish Airlines was expected to sign an agreement with UK’s Rolls-Royce Holdings Plc and European planemaker Airbus to manufacture $20 billion worth of aircraft components locally.

Last December the Turkish carrier announced its fleet expansion by purchasing more than 200 Airbus aircraft.