According to the statement made by THY, despite the ongoing geopolitical tensions on a global scale, the bottleneck in aircraft production and engine problems, the company continued its growth uninterruptedly thanks to its agility and wide flight network, and increased the number of passengers it carried to 24.5 million in the third quarter of the year.
In the July-September period, THY’s total revenue increased by 4.9 percent annually and reached 6.6 billion dollars, despite the high base effect of the same period last year. While passenger revenues, which constitute 84 percent of the total revenue, amounted to 5.6 billion dollars with the strong contribution of the Far East region, cargo revenues increased by 47 percent compared to the same period last year and reached 911 million dollars.
While Turkish Cargo increased the amount of cargo it carried by 16.8 percent in the third quarter, it became the world’s third largest air cargo carrier with a 5.7 percent market share, according to September data of the International Air Transport Association (IATA).
While approximately 4.9 billion dollars of the total passenger and cargo revenues were recorded as export revenue in the third quarter, the total export amount that THY brought to the country in 9 months reached 12.9 billion dollars. The partnership’s total assets, which have increased 18 times since 2002 and reached approximately 40 billion dollars, continued to constitute an important source of value for the Turkish economy.
Main operating profit reached 1.3 billion dollars
Due to competition-related pressure on passenger unit revenues, engine problems and the negative effects of global inflation on costs, operating profit stood at $1.3 billion in the third quarter. EBITDA (earnings before interest, taxes, depreciation and rent), which shows the operational cash generation power of the partnership, was 2.3 billion dollars. In the same period, EBITDA margin reached 35.2 percent, above both its historical average and its peers.
The financial income generated by THY thanks to its effective and dynamic portfolio management was an important factor supporting its net profit.
The number of aircraft increased to 467
Aiming to have a fleet exceeding 800 aircraft in 2033 within the framework of its 100th Anniversary Strategy, the Partnership increased its fleet by 9 percent annually in the 9 months of the year, increasing the number of aircraft to 467, despite the bottleneck in aircraft production.
Aiming to minimize financing costs and exchange rate risks with the diversification strategy implemented in aircraft financing while expanding its fleet, Turkish Airlines borrowed in Chinese Yuan for 3 Airbus A350 aircraft in the third quarter, becoming the first airline to provide financing in this currency outside the Chinese mainland.
In the same period, the Partnership used sustainability-related loans for the first time to finance two fuel-efficient A321-Neo aircraft, and has also gained a foothold in the field of sustainable financing. THY, which has made a name for itself with its successes in every field of the aviation industry, also attracted attention with its pioneering financing transactions and was deemed worthy of three separate financing awards by Airline Economics.
Source: www.dunya.com
