Turkish Airlines soars to post robust 2024 financial performance

By

Miquel Ros

March 4, 2025, 16:26 (UTC +3)

AviationTurkish Airlines Airbus A350 900

Kevin Hackert / Shutterstock

On March 4, 2025, Turkish Airlines announced its 2024 full year financial results, which show a US$2.4 billion net profit.

Part of these funds will go straight to shareholders, since the airline, which has been buying back its own stock, will pay $260 million in dividends.

The Turkish flag carrier achieved this positive result on a total revenue of US$22.7 billion, up 8.2% over the previous year, for a 10.5% net profit margin.

Taking into account Earnings Before Interest, Tax, Depreciation, Amortization (EBITDA) and rent, Turkish Airlines’ profit margin climbs to a whopping 25.3%.

Although passenger revenue increased by a mere 4%, the airline’s cargo business saw revenue surge by 35% year on year. Turkish Cargo, the airline’s freight division, operates a fleet of 24 dedicated freighters and has seen its business increase by 20% in 2024, already making it one of the world’s three top air cargo operators.

In 2024, Turkish Airlines also consolidated its absolute global lead when it comes to the number of international destinations, 352, and countries served, 131. What’s more, 2024 saw the addition of several iconic far-flung destinations, such as Santiago de Chile (SCL) and Sydney (SYD) and Melbourne (MEL), in Australia.

The carrier’s network is expected to keep growing unabated in 2025. The first quarter of the year has seen already the resumption of flights to Damascus (DAM) and Benghazi (BEN), as well as the announcement of the launch of new services between Istanbul (IST) and Phnom Penh (PNH), Auckland (AKL) and Minneapolis (MSP).

Likewise, capacity is also on the rise. It went up by 8.2% in 2024 as Turkish Airlines expanded its fleet by 12%, to 492 aircraft.

If Turkish Airlines manages to fulfill its long-term plans, the 85.2 million passengers it carried in 2024 may soon be dwarfed, as the carrier prepares to nearly double its fleet to more than 800 aircraft within a decade.