THY Carries 22.1 Million Passengers in Q2 2024

According to a statement from THY's Press Office, the airline has continued its growth despite global geopolitical tensions, bottlenecks in aircraft production, and engine issues, thanks to its agility and extensive flight network.

The International Air Transport Association (IATA) reported that, while global passenger capacity in the second quarter of 2024 barely reached pre-pandemic levels, THY surpassed its 2019 passenger capacity by 38%, maintaining its status as a leading airline in the industry.

Cargo Revenues Surge by 48%

Turkish Cargo, operating out of Europe’s largest air cargo hub, Smartist, capitalized on the accelerating e-commerce growth in the second quarter. It also provided a critical alternative for shippers affected by disruptions in the Suez Canal. As a result, the company increased its cargo volume by 32% in the first half of 2024 compared to the same period in 2023, becoming the world's third-largest air cargo carrier according to IATA.

In the April-June 2024 period, THY's total revenues increased by 10% year-on-year, reaching $5.7 billion. Passenger revenues, making up 81% of total income, rose to $4.6 billion, driven by strong contributions from the Far East region. Cargo revenues surged by 48% compared to the same period last year, totaling $885 million.

Despite competitive pressures on passenger unit revenues and the negative impact of global inflation on costs, operating profit dropped by 26% to $591 million.

Fleet Expansion to 458 Aircraft

Under its Year Strategy, THY aims to have a fleet exceeding 800 aircraft by 2033. Despite challenges in aircraft production, the airline expanded its fleet by 9% in the first half of the year, reaching 458 aircraft. THY, along with its subsidiaries, currently employs approximately 92,000 people.

Source: HDN