Turkish Airlines carried 24.5 million passengers and recorded a US$1.3 billion profit in Q3 of 2024, despite global geopolitical tensions and aviation industry challenges. Passenger numbers were up 5.4% from the same period in 2023 amid a turbulent period for airlines, with aircraft production bottlenecks and engine manufacturing issues hitting the sector.
The Turkish carrier’s total revenue for Q3 increased by 4.9% year-on-year to $6.6 billion, with passenger numbers accounting for 84% of the total. Flights to the Far East were particularly popular during this period.
Turkish Cargo also enjoyed strong Q3 growth, with revenue rising by 47% year-on-year to $911 million. Meanwhile cargo volumes were up 16.8% compared to last year’s third quarter, making Turkish Cargo the world’s third-largest air cargo carrier for September with a 5.7% market share according to IATA data.
The Q3 profit was attributed to Turkish Airlines’ extensive route network, with the carrier flying to more countries than any other airline. The carrier aims to continue that growth by reaching a fleet milestone of 800 aircraft in 2033, its centenary year. Between January and September this year, the carrier increased the number of planes in its fleet to 467.
During Q3, Turkish Airlines became the first carrier outside of China to finance three Airbus A350s using Chinese Yuan. It also secured a sustainability linked loan for two fuel-efficient A321-Neos, marking the airline’s first deal involving sustainable finance.
