Turkish Airlines to expand international network with new destinations

ISTANBUL

Türkiye’s flag carrier plans to expand its international connectivity by launching flights to Detroit, Osaka and Australia, Ahmet Bolat, Turkish Airlines (THY) chairman of the board and executive committee, has said.

The carrier ranks first in the world by destination countries, Bolat told a group of journalists at a press gathering where he evaluated the company’s performance and provided details of THY’s plans.

Turkish Airlines this year has already launched flights to Palermo, Krakow and Lusaka, Bolat said, adding that the carrier is putting 10 countries on its radar in order to lure more tourists to Türkiye and to help the country generate more tourism income.

“We are hoping to bring a total of 10 million tourists from Japan, Singapore, China, Indonesia, Malaysia, South Korea, Australia, Mexico, Canada and the U.S. in the next three years.”

Some $30 billion in revenues could be generated by attracting tourists from those destinations, Bolat said.

As of June, Turkish Airlines was the world’s eighth and Europe’s second largest airline with a share of 2.6 percent in the market, according to the company’s executive.

The carrier flies to 344 destinations in 128 countries with a fleet of 425 airplanes.

“Our share in the global cargo market has more than tripled over the past 10 years to 5.4 percent,” Bolat said.

Shares in Turkish Airlines have gained more than 200 percent over the past year, making it one of the top ten airline companies. The flag carrier has climbed 17 spots to become the eighth largest airline in the world in terms of market capitalization.

Turkish Airlines’ market capitalization has reached $13.6 billion and the interest in its shares is growing, Bolat said.

“I believe our market capitalization will soon reach that of United [Airlines at $17.5 billion], which presently ranks fifth.”

Net income up 18 percent

Turkish Airlines’ net income increased by 17.8 percent in the first half of 2023 from a year ago to $868 million, showed the company’s latest financials.

Total revenues grew more than 25 percent to $9.5 billion, while profit from main operations was up 31 percent compared with January-June last year to $908 million.

In the second quarter, the carrier’s net profit rose by 10 percent year-on-year to $635 million, with revenues up 13.5 percent to $5.15 billion.

Turkish Airlines carried a total of 47.3 million passengers in the January-July period, up 22 percent from a year earlier.

The international passenger tally rose nearly 22 percent to 29.8 million, while domestic passengers increased 22 percent to 17.5 million.