Turkish Airlines reaps $2.7B net profit in 2022

ANKARA

National flag carrier Turkish Airlines posted a $2.7 billion net profit in 2022 thanks to a strong recovery on demand, the company announced on Wednesday.

"Turkish Airlines closed 2022 with 2.7 billion USD net profit standing out from its competition thanks to its operational agility, wide flight network, and highly skilled workforce it maintained during the coronavirus pandemic," it said.

The company reaped a record-high revenue of $18.4 billion last year, exceeding its 2019 pre-virus level by 39%.

With a fleet of 394 aircraft, Turkish Airlines carried around 72 million passengers with an 85.8% domestic and 80.1% international load factor.

The flag carrier maintained its effective cost management in 2022 by lowering its unit expenses excluding fuel by 2% compared to 2019.

The airline's earnings before interest, taxes, depreciation, amortization, and rent (EBITDAR) amounted to $5.4 billion.

Its cargo revenues surged 120% compared to 2019, reaching $3.7 billion last year.

Quadrupling its market share in the air freight market in the last 10 years, Turkish Cargo ranked fifth among the world's top air cargo carriers, according to 2022 data by the International Air Transport Association.