Business

THY completed 2022 with a net profit of $2.7 billion

THY Chairman of the Board and the Executive Committee Bolat said, “As THY, we continue to rise and overcome every obstacle ahead with our 90 years of experience. All our colleagues have effort and team spirit in our success after the pandemic.”

Turkish Airlines (THY) announced that it completed 2022 with a net profit of $2.7 billion.

In the statement made by the THY Press Office, it was stated that the company, which differed positively from its competitors thanks to its wide flight network and the highly qualified workforce it protected during the Covid-19 epidemic, completed 2022 with a net profit of $2.7 billion.

It was reported that the company recorded a net profit for the sixth consecutive quarter with this quarter, despite the challenging operating environment from 2020.

Pointing out the increase rate in THY’s revenues, the statement said, “The total revenues of our partnership in 2022 reached a historical high level with $18.4 billion, exceeding 2019 by 39%. Cargo revenues, which make up 20% of the total revenue, increased by 120% compared to 2019 and amounted to approximately $3.7 billion in the said period.”

THY Chairman of the Board and the Executive Committee, Prof. Dr. Ahmet Bolat, whose views were included in the statement, said:

“As THY, we continue to rise and overcome every obstacle ahead with our 90 years of experience. All our colleagues have effort and team spirit in our success after the pandemic. With the responsibility and awareness of being the flag carrier airline of our country, we have mobilized all our resources right after the earthquakes in Kahramanmaras on February 6, and delivered 433 thousand search and rescue teams and 16 thousand tons of aid materials to the region with over 2,400 flights so far. We also evacuated 430 thousand of our citizens from the region. After the earthquake disaster, we took the responsibility to heal the wounds. In addition to the ₺2 billion cash donation we made to AFAD, we started working with the Ministry of Environment, Urbanization and Climate Change for the construction of 1000 houses. We will add 1000 people to the THY family by employing 1 person from each of our 1000 families affected by the earthquake.”

72 million passengers were carried in 2022

THY carried a total of 72 million passengers in 2022 with its 400 planes, which are among the youngest and most modern fleets in the world, with an occupancy rate of 85.8% on domestic flights and 80.1% on international flights. Despite global inflation pressures, it continued its strong cost management by reducing its unit expenses excluding fuel by 2% in 2022 compared to 2019. As a result, EBITDA (Earnings before interest, taxes, depreciation and rent – EBITDAR), pointing to THY’s cash generation potential, was approximately $5.4 billion.

According to the data published by IATA, the International Air Transport Association, while the global air passenger capacity in 2022 was 28% behind 2019, THY became the pioneer of the sector by exceeding its 2019 capacity by 7.5%. According to the data of the European Organization for the Safety of Air Navigation (Eurocontrol), THY, which has been the largest flying network carrier in Europe for the last three years, has achieved a remarkable rise globally as the airline with the most international seat capacity in the world in 2022.

Having quadrupled its market share in cargo transportation in the last 10 years, THY continued its success as the world’s 5th largest air cargo carrier in 2022, according to IATA data. Moving to SMARTIST, the new high-tech cargo operation center at Istanbul Airport in 2022, Turkish Cargo aims to further develop its position among the world’s leading air cargo brands.

Source: AA / Prepared by Irem Yildiz

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