Turkish Airlines Profits Soar as Q1 2023 Results Announced

Turkish Airlines Profits Soar as Q1 2023 Results Announced

DALLAS Turkish Airlines (TK) has revealed its highest-ever Q1 revenues, reaching US$4.4bn, up 43% year-on-year. This gave the carrier a net profit of US$233m, including US$3.6bn in passenger revenues. This was TK’s seventh consecutive quarter of posting a net profit.

The Istanbul-based airline revealed that it had increased its fleet size and workforce by 10% compared to Q1 2022. In total, over 17 million passengers were carried during the period, with load factors of *0.1% on domestic flights and 81.4% on international routes. This number increased slightly from the 16.7 million passengers it carried during Q1 2019, pre-pandemic.

TK said that “despite the negative effects of global inflationary pressures on costs,” its EBITDAR (Earnings Before Interest, Taxes, Depreciation, Amortization, and Rent) was approximately US$770m “on the back of strong revenue growth.” It also increased its operating profit by US$60m to US$241m.

Turkish Airlines Airbus A321neo (TC-LSD). Photo: Adrian Nowakowski/Airways.

Responding to Challenges

These record figures were despite the airline operating in a “challenging” environment, which has seen devastating earthquakes in Kahramanmaraş. TK responded quickly to the earthquake, evacuating some 430,000 civilians, transporting 433,000 people, including search and rescue teams and sending over 29,000 tons of aid to the affected areas. It also donated some TL2bn in cash aid to the Disaster and Emergency Management Presidency of the Ministry of Internal Affairs (AFAD).

Currently, the airline operates a fleet of 414 (passenger and cargo) aircraft flying to 343 destinations worldwide, including 290 International and 53 domestic across 129 countries.

The carrier has also revealed plans to double the number of aircraft in its fleet to some 800 airframes over the next ten years. It also plans to double the number of passengers it carries to 170 million.

Featured Image: Turkish Airlines Airbus A350-900 (TC-LGH). Photo: Brandon Siska/Airways.

European Deputy Editor
Writer, aviation fanatic, and Airways European Deputy Editor, Lee is a plant geek and part-time Flight Attendant for a UK-based airline. Based in Liverpool, United Kingdom.

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