Turkish Airlines reports a first quarter net profit of $163 million (US)

Turkish Airlines issued this financial report:

Global aviation sector left behind two years of its biggest crisis in history. In this difficult time, Turkish Airlines finished the first quarter of 2022 at $163 million USD real operating profit and 161 million USD net profit despite the effects of the crisis caused by Covid-19 and increasing geopolitical tension.

Total revenue of our company during the first quarter of 2022 was 3.1 billion USD, surpassing the same period of 2019 by 10%. As for the cargo revenue which is the 32% of the total revenue, it recorded 141% increase compared to the same period in 2019.

Despite all the difficulties effecting the demand due to the crisis caused by Covid-19, flag carrier managed to recover earlier than its competitors in passenger transport while strengthening its cargo operations compared to pre-pandemic state. Despite the increasing oil prices, global carrier managed to record a net profit by lowering its total expenditures by 2 percent compared to same period of 2019 with cost saving measures. As a result, EBITAR (Earnings before interest, taxes, amortization, and rent), which shows the cash generation potential of the company, was at 710 million USD, a 98% increase compared to the same period of 2019. The EBITAR margin increased by 10.3 points compared to last year and became 23.3%.

During the first quarter of 2022 which saw global carrier reaching 91% of its Q1 2019 passenger capacity, Turkish Airlines carried a total of 12.7 million passengers with 83.6% load factor at domestic flights and 68.6% percent load factor at international flights. Turkish Airlines strengthened its identity as a global airline during these difficult times with its wide flight network, strong frequencies, and superior hygiene standards. As of the end of March, flag carrier possesses one of the world’s youngest and most modern fleets with 372 aircraft, 248 of them narrow-body and 104 of them wide-body, along with 20 cargo aircraft.

Turkish Airlines aircraft photo gallery: