National flag carrier Turkish Airlines (THY) reported a net profit of $2.7 billion for 2022, according to a statement released by the THY Press Office on Wednesday.
The airline was able to differentiate itself from competitors due to its expansive flight network and highly skilled workforce, which were both protected throughout the COVID-19 pandemic, the statement said.
This marks the sixth consecutive quarter that the company has recorded a net profit, despite operating in a challenging environment since 2020. In addition, THY's revenue increased by an impressive 39% in 2022, exceeding the 2019 figures with $18.4 billion. Cargo revenues also rose by 20% compared to 2019, reaching approximately $3.7 billion, representing a 120% increase.
Ahmet Bolat, chairperson of the board and executive committee of THY, praised the airline's achievements, stating that they continue to overcome obstacles with their 90 years of experience. He emphasized the effort and team spirit of all colleagues in the success they have achieved after the pandemic.
Furthermore, Bolat highlighted the airline's commitment to its role as the flag carrier airline of Türkiye, acknowledging the earthquakes in Kahramanmaraş that took place on Feb. 6. and affected 11 provinces in the country’s southeast. Bolat mentioned that THY immediately mobilized all its resources and has so far delivered 433,000 search and rescue teams and 16,000 tons of aid materials to the region through over 2,400 flights. Additionally, the airline evacuated 430,000 citizens from the region.
To support the recovery efforts, THY made a TL 2 billion ($105.87 million) cash donation to the Disaster and Emergency Management Authority (AFAD) and is now working with the Environment, Urbanization, and Climate Change Ministry for the construction of 1,000 houses.
The airline has pledged to employ one person from each of the 1,000 families affected by the earthquake, adding 1,000 people to the THY family.
The airline also reported that it transported a total of 72 million passengers in 2022 using its modern and young fleet of 400 planes. The airline achieved an impressive occupancy rate of 85.8% on domestic flights and 80.1% on international flights. Despite the global inflation pressures, THY has successfully reduced its unit expenses, excluding fuel, by 2% in 2022 compared to 2019, thanks to strong cost management.
THY's cash generation potential was highlighted by its EBITDA (Earnings before interest, taxes, depreciation, and rent – EBITDAR), which amounted to approximately $5.4 billion. The airline's capacity in 2022 surpassed its 2019 figures by 7.5%, making it a pioneer in the sector, according to the International Air Transport Association (IATA).
Moreover, THY was recognized by the European Organization for the Safety of Air Navigation (Eurocontrol) as the world's largest international seat capacity carrier in 2022, achieving a remarkable rise globally. THY's cargo transportation market share has quadrupled in the last 10 years, and according to IATA data, it ranked as the world's fifth-largest air cargo carrier in 2022.
To enhance its position among the world's leading air cargo brands, THY's cargo operation center at Istanbul Airport moved to SMARTIST, a new high-tech facility in 2022.