Turkish Airlines posts $6 billion profit in 2023

ISTANBUL

Türkiye's flag carrier Turkish Airlines reported a net income of more than $6 billion in 2023, marking a 121 percent increase from the previous year.

Total revenues rose by 13.7 percent last year compared with 2022 to reach $20.94 billion, while passenger revenue climbed 24 percent to $17.7 billion, according to the company’s financials.

Profit from main operations was up 2.9 percent to $2.86 billion. Net income margin improved from 14.8 percent in 2022 to 28.8 percent last year.

Its payroll swelled strongly, adding over 15,000 staff to reach 55,884 by the end of 2023, while personnel costs rose 52.1 percent to $ 3.26 billion. Fuel costs declined by 3.6 percent to $6.23 billion.

Turkish Airlines carried a total of 83.4 million passengers last year, up more than 16 percent compared with 2022.

The international passenger tally increased 14.4 percent to 53 million, while domestic passenger traffic grew 19 percent to 30.4 million.

In the first two months of 2024, the number of total passengers the company served rose by 12.8 percent from a year ago to 12.34 million, with international passengers increasing by 9.2 percent to 7.96 million.

As of the end of February, Turkish Airlines was flying to 340 destinations worldwide, up from 337 from a year earlier.

The number of airplanes in its fleet grew from 400 to 450, while the seating capacity increased by 13.5 percent to 92,067.

Turkish Airlines, which boasts that it flies to the most countries of any carrier, in December last year ordered 230 Airbus planes as it aims to double its fleet in the next decade.