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Turkish Airlines has announced a Profit from Main Operations of $2.4 billion for 2024, cementing its position as a key player in global aviation. This achievement comes despite ongoing geopolitical and economic uncertainties, supply chain disruptions, and aircraft production bottlenecks.
The airline’s financial performance continues to outshine industry norms, with a steady focus on passenger and cargo services. As part of its commitment to shareholders, Turkish Airlines will distribute a cash dividend of $260 million, a testament to its resilience and operational efficiency.
A Record-Breaking Year for Turkish Airlines
The airline’s total revenue for 2024 reached $22.7 billion, reflecting an 8.2% increase compared to the previous year. This rise was driven by robust passenger revenues, up 4%, and an impressive 35% growth in cargo revenues. Turkish Cargo, which solidified its position as the world’s third-largest air cargo carrier, contributed significantly to the company’s success. The International Air Transport Association (IATA) has highlighted Turkish Airlines’ growing importance in global trade and logistics.
“Despite the challenges, we remain steadfast in our commitment to both our investors and our passengers,” said Prof. Ahmet Bolat, Chairman of Turkish Airlines’ Board and Executive Committee. “Our results in 2024 show the strength of our global network and strategic vision as we move towards our 100th anniversary.”
Strengthening Turkey’s Global Footprint
Turkish Airlines also took steps to bolster its reputation as a global connector. In 2024, the airline expanded its route network with new services to Santiago, Chile, and new routes to Melbourne and Sydney, bringing its total destinations to 299 and countries served to 131.
This expansion contributed to the airline being recognised with the Guinness World Records™ title for “Most Countries Flown to by an Airline.”
In addition, Turkish Airlines was honoured with several prestigious awards in 2024, including the “5-Star Global Airline” rating from APEX and “Best Airline in Europe” from Skytrax. It was also recognised for its sustainability efforts, winning the title of “Most Sustainable Flag Carrier Airline” by World Finance for the third consecutive year.
Sustainability and Fleet Expansion
As Turkish Airlines nears its 100th anniversary in 2033, it continues to diversify and modernise its fleet. Despite challenges in aircraft production, the airline increased its fleet by 12% in 2024, bringing the total number of aircraft to 492. This growth is part of a broader strategy to expand its fleet to over 800 aircraft by 2033.
The company also took significant steps in diversifying its financing options. In 2024, Turkish Airlines became the first airline outside of China to secure financing in Chinese Yuan. The airline also completed $1.8 billion in aircraft financing, including a groundbreaking sustainability-linked loan.
Economic Impact and Operational Strength
Turkish Airlines’ 2024 results highlight its strong contribution to the Turkish economy. Approximately $18 billion of the airline’s revenue was recorded as export income, with total assets reaching around $40 billion—an 18-fold increase since 2002.
With over 95,000 employees, the airline remains a major player in Türkiye’s aviation sector. Its operational cash generation capability is equally impressive, with EBITDAR of $5.7 billion and a margin of 25.3%, in line with its long-term strategic goals.
Turkish Airlines remains committed to expanding its global reach and enhancing its service offering. Looking ahead, the airline will continue to focus on sustainability and growth, with a clear vision towards its centenary in 2033. As the airline strengthens Türkiye’s position on the global aviation map, it will continue to play a key role in shaping the future of air transport.
“We are on a path of continued growth and innovation,” Prof. Bolat added. “As we approach our 100th anniversary, our goal is not only to connect more people but to lead the industry in operational excellence and sustainability.”
