Turkish Airlines

Turkish Airlines Closes Q4 with $225m Net Profit

The global aviation sector left behind a period spanning over a year experiencing its greatest crisis and losses to date.

Despite the effects of the crisis caused by Covid-19, Turkish Airlines managed to wrap up the fourth quarter of 2021 with US$619 million real operating profit and US$225 million net profit.

The total revenue of our company during the fourth quarter of 2021 was 3.3 billion USD, surpassing the same period in 2019. As for the cargo revenue, which is 39% of the total revenue, it recorded a 172% increase compared to the same period in 2019.

During these difficult times, the flag carrier managed to limit its operational loss with the steps taken to lower the costs, resulting in a 12% decrease in total expenditures during the fourth quarter of 2021, compared to the same period in  2019. As a result, EBITAR (earnings before interest, taxes, amortization, and rent), which shows the cash generation potential of the company, was at 1.242 billion USD, a 39% increase compared to the same period in  2019. The EBITAR margin increased by 10.3 points compared to last year and became 37.5%.

During the fourth quarter of 2021, which reached 84% of the global carrier’s Q4 2019 passenger capacity, Turkish Airlines carried a total of 13.7 million passengers with a 79% load factor on domestic flights and 69% percent load factor on international flights. Turkish Airlines continued to strengthen 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 during this period to profitable ones. At the end of December, the airline possessed one of the world’s youngest and most modern fleets with 370 aircraft, 246 of them narrow-body and 104 of them wide-body, along with 20 cargo aircraft.

As Europe’s leader in terms of flights operated during 2020, Turkish Airlines maintained its leading position during 2021 among European network carriers. Turkish Airlines managed to turn the crisis into an opportunity by focusing on cargo transportation and making several passenger aircraft in its fleet available for Turkish Cargo. According to the 2021 data, the global carrier became the fifth-biggest air cargo carrier excluding integrators in the world.

Employing approximately 60 thousand people combined with its subsidiaries, Turkish Airlines continues to proudly fly its flag amongst 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 the aviation industry approach, the airline will increase its pace towards the summit of the sector and continue to produce added value for Turkiye and the aviation sector with an effort greater than any before.

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