- During the initial half of 2023, Turkish Airlines recorded an 18% growth in net income in terms of dollars compared to the previous year. Despite a decrease in the cargo sector, the rise in passenger revenues played a crucial role.
- In the same timeframe, the airline's overall revenue, amounting to $9.5 billion, experienced a 25% increase. The earnings report, released on Wednesday, highlighted a noteworthy surge of 50% in passenger income, contributing to profits of $868 million. This growth effectively countered the decline of around 42% in cargo income, which stood at $1.2 billion.
Why it matters
Turkish Airlines plans to double its fleet to 800 aircraft over the next decade. The air transport company, of which the country's sovereign wealth fund owns 49.1%, aims to attract 171 million passengers by 2033. The company's shares have risen 86% on the Istanbul Stock Exchange since the beginning of this year, compared to a 35% rise in the main index of the stock market.
