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Turkish Airlines' Q3 Profits Show Strong Recovery in Demand

THY

The global aviation sector is leaving behind the biggest crisis in its history with the heaviest losses that spanned over a year.

During these difficult times, Turkish Airlines managed to wrap up the third quarter of 2021 with 722 million USD real operating profit and 735 million USD net profit despite the effects of the crisis caused by the Covid-19 pandemic.

The total revenue of the company during the third quarter of 2021 was at 3.4 billion USD, 85 percent of the same period of 2019. As for the cargo revenue which is 28 percent of the total revenue, it recorded a 132 percent increase compared to the same period in 2019.

Despite all the difficulties effecting the demand due to the crisis, the flag carrier managed to limit its operational loss with the steps taken to lower the costs, resulting in a 19 percent decrease in total expenditures during the third quarter of 2021 compared to the same period of the 2019. As a result, EBITAR (earnings before interest, taxes, amortization, and rent), which shows the cash generation potential of the company, was at 1.387 billion USD, a 7 percent increase compared to the same period of 2019. The EBITAR margin increased by 8.3 points compared to last year and became 40.7 percent.

During the third quarter of 2021 which saw the global carrier reaching 81 percent of its Q3 2019 passenger capacity, Turkish Airlines carried a total of 16.5 million passengers with a 82.4 percent load factor on domestic flights and 69.6 percent load factor on international flights. The flag carrier strengthened its identity as a global airline with its wide flight network, strong frequencies, and superior hygiene standards. With this identity, the global carrier managed to successfully transfer its capacity from suspended routes to profitable ones. As of the end of September, the flag carrier possesses a fleet of 372 aircraft, 243 narrow-body and 105 wide-body, along with 24 cargo aircraft.

As Europe’s leader in terms of flights operated during 2020, Turkish Airlines maintained its leading position during the first nine months of 2021. The flag carrier managed to turn crisis into an opportunity by focusing on cargo transportation and making several passenger aircraft in its fleet available for Turkish Cargo. According to the August 2021 data, the global carrier became the fourth biggest air cargo carrier in the world.

Employing approximately 60 thousand people combined with its subsidiaries, Turkish Airlines continues to proudly fly our flag among the giants of air transportation as the brand that steers its sector with its unparalleled flight network, modern fleet, outstanding cargo performance and successful crisis management. With the end of the pandemic and consequent rise of aviation, the flag carrier airline will increase its pace towards the summit of the sector and will continue to produce added value for our country and aviation sector with an effort greater than any before.

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