THY announced that despite the negative effects of the earthquake disaster, it completed the first quarter of the year with a net profit of $233 million, with strong international passenger demand.
In the statement made by the THY Press Office, it was stated that the company recorded a net profit for the seventh consecutive quarter with this quarter, despite the difficult operating environment experienced with the Covid-19 outbreak since 2020.
Despite the devastating impact of the Kahramanmaras-centered earthquakes, the disaster of the century, THY managed to complete the first quarter of 2023 with a net profit of $233 million, thanks to its successful crisis management and 90 years of experience.
Highest first quarter revenue in THY history
Emphasizing that the revenue realized in the first quarter of this year is a first in the history of THY, the statement said, “The total revenues of our partnership in the first quarter of 2023 increased by 43% compared to the same period of 2022 and reached $4.4 billion, and it was recorded as the highest first quarter revenue in THY history. Passenger revenues, which make up 84% of the total revenue, increased by 83% compared to the same period of 2022 and reached over $3.6 billion in the quarter.”
The number of aircraft in the fleet reached 411
The statement, which shared the data of THY’s aircraft fleet, included the following information:
In the first quarter of 2023, THY increased its fleet, which is among the youngest and most modern in the world, by 10% compared to the same period of the previous year, reaching 411 aircraft. With a workforce exceeding 41 thousand with an increase of 10%, it carried more than 17 million passengers in total, with an occupancy rate of 80.1% in domestic flights and 81.4% in international lines. Despite the negative effects of global inflation pressures on costs, EBITDA (Equity before interest, taxes, depreciation and rent – EBITDAR) was approximately $770 million, which indicates the cash generation potential of the partnership as a result of strong revenue growth.”
Emphasizing that THY is the airline that flies to the most destinations in Europe, according to international aviation organizations, the following was noted:
“According to the data released by global airline data provider OAG, in the first quarter of 2023, global international air passenger capacity remained 19%behind that of 2019, while THY became one of the leading airlines in the industry, surpassing its 2019 international line capacity by 26%. According to the data of the European Organization for the Safety of Air Navigation (Eurocontrol), our Incorporation, which has been the most flying network carrier in Europe for the last three years, has achieved a remarkable rise globally as the network airline with the highest number of international flights in the world in the first quarter of 2023. As a result of our country’s investments in aviation infrastructure, Istanbul Airport became the airport with the most flights in Europe in the first quarter.”
In the statement, in which THY’s targets for the coming years were shared, “Turkish Airlines, which has made significant contributions to the economy and employment of our country by growing above the sector average in capacity, number of passengers and profitability in the last 20 years, has prepared its 2033 strategy, which it has adopted as a roadmap, in order to maintain the upward trend in a stable manner. Within the framework of this vision, which was created to create high value for all stakeholders, our Incorporation showed its determination to continue to shape the sector by setting targets for excellence in passenger experience, digitalization and sustainability, as well as doubling the number of fleet and passengers.”
In the statement, which also touched on the work and aid activities of THY after the earthquakes in Kahramanmaras, the following was noted: “THY, with the responsibility and awareness of being the flag carrier airline of our country, mobilized all its possibilities immediately after the earthquakes in Kahramanmaras, in February and March, THY delivered 433 thousand citizens and search-rescue and aid teams to the region, evacuated 430 thousand of our citizens and sent more than 29 thousand tons of aid materials to disaster areas. In addition, our Incorporation has donated ₺2 billion in cash to the Ministry of Interior Disaster and Emergency Management Presidency in order to contribute to reducing the negative consequences of the earthquake as much as possible, and has committed to provide the necessary support for the construction of 1000 houses and to employ 1000 personnel from 1000 families affected by the earthquake.”
Source: Trthaber / Prepared by Irem Yildiz