National flag carrier followed by major appliances makers Arcelik and Vestel with values of $1.5B and $924M respectively
Turkish Airlines held onto its crown as Turkiye’s most valuable brand for the sixth consecutive year in 2023 with a $2 billion valuation, according to a new report released on Wednesday.
The national flag carrier saw a 26% year-on-year brand value growth, said the latest report by Brand Finance, the world’s leading brand valuation consultancy.
Major Turkish appliances makers Arcelik and Vestel followed the air carrier with values of $1.5 billion and $924 million, respectively.
Turkish Airlines also took first place in 2022 with a brand value of $1.6 billion.
Private lenders Garanti BBVA and Isbank raised their brand value 44% year-on-year to $767 million and 45% to $736 million to rank fourth and fifth, respectively.
Rounding out the top 10 were discount retail chain BIM ($589 million), state lender Ziraat Bank ($560 million), automaker Ford Otosan ($543 million), and GSM operator Turkcell ($532).
Commenting on the results, Turkish Airlines Chairman Ahmet Bolat said: “We will continue to bring our brand, which represents the wings of Turkiye as dreamed of 90 years ago, to even greater achievements. Just as we soar high in the blue sky, we will continue to soar high in the realm of brands. I thank all my colleagues who have contributed to this success.”
Having calculated brands’ financial worth for over 20 years, Brand Finance now values 5,000 brands every year.
Founded in 1933 with a fleet of five aircraft, Turkish Airlines currently boasts a fleet of 419 (passenger and cargo) aircraft flying to 344 worldwide destinations, including 291 international and 53 domestic.