Turkish Airlines reports profit of $2.4 billion in 2024

Turkey’s national carrier – Turkish Airlines – said it recorded a profit of $2.4 billion from its main operations in 2024. The airline’s total revenues in 2024 increased by 8.2 per cent year-on-year to $22.7 billion despite global geopolitical and economic tensions, bottlenecks in aircraft production, and engine issues.

Accordingly, the carrier maintained its consistent profitability under a challenging post-pandemic operating environment, reducing its net debt by $8.3 billion in three years.

Turkish Airlines Chairman of the Board and the Executive Committee, Prof. Ahmet Bolat, said, “Despite global challenges, we remain committed to delivering our award-winning service, expanding our global network, while providing long-term value for our investors, employees, and, of course, our guests.”

The airline announced a cash dividend of $260 million and said it remains committed to investor returns with its current share buyback program.

As part of its 100th Anniversary Strategy, the carrier aims to expand its fleet to over 800 aircraft by 2033. The airline grew its fleet by 12 per cent in 2024, reaching 492 jets. To support its expansion while managing costs and currency risks, it said that Turkish Airlines secured $1.8 billion in aircraft financing, becoming the first airline outside China to obtain the funding in Chinese Yuan. The airline also issued its first sustainability-linked loan for aircraft financing and received six awards from Airline Economics.

Robust growth

Passenger revenue rose by 4 per cent under intensifying competition, while cargo revenue grew by around 35 per cent compared to 2023.

Meanwhile, Turkish Cargo increased its annual cargo volume by over 20 per cent, becoming the world’s third-largest air cargo carrier according to the International Air Transport Association (IATA). “Approximately $18 billion of our company’s total revenue was recorded as export revenue while total assets reached around $40 billion, growing 18-fold since 2002,” the airline said in a statement. EBITDAR totalled $5.7 billion with a margin of 25.3 per cent.