Turkish Airlines Reports Strong Passenger Growth in First Seven Months of 2024

Strategic Insights -

Turkish Airlines saw a 3.5 percent year-over-year increase in passengers to 48.94 million in the first seven months of 2024, driven by a 3.6 percent rise in international passengers to 30.9 million and a 3.4 percent increase in domestic passengers to over 18 million. Despite a slight decline in passenger load factor to 81.5 percent, the airline expanded its fleet by 8 percent and added two new destinations, increasing its seat capacity by 9.6 percent to 95,047. Cargo and mail volumes also surged, rising 30.4 percent to 1.2 million tons.

Key Takeaways:

  • Turkish Airlines carried a record 48.94 million passengers in the first seven months of 2024, a 3.5 percent increase from the same period in 2023.
  • International passengers grew by 3.6 percent to 30.9 million, accounting for 63.3 percent of total passengers carried.
  • Domestic passengers increased by 3.4 percent to over 18 million, making up 36.7 percent of total passengers.
  • The airline's passenger load factor fell 0.8 percentage points to 81.5 percent, with a slightly higher load factor on domestic flights (83.1 percent) compared to international flights (81.1 percent).
  • Turkish Airlines expanded its fleet by 8 percent to 458 airplanes as of the end of July, with two new destinations added to its network.
  • The carrier's seat capacity increased by 9.6 percent to 95,047, with a 10.3 percent increase in seat capacity on international flights.
  • Cargo and mail volumes rose 30.4 percent to 1.2 million tons, with cargo revenue increasing more than 37 percent to $1.64 billion.

Statistics:

  • Turkish Airlines carried 8.33 million passengers in July 2024, a 2.6 percent decline from the same month in 2023.
  • Passenger revenue rose from $8.1 billion in the first half of 2023 to $8.4 billion in the first half of 2024.
  • Cargo revenue increased more than 37 percent annually to $1.64 billion in the first half of 2024.
  • The airline's revenue increased by 9.8 percent to $10.4 billion in the first half of 2024.
  • Net income rose by 34.7 percent year-over-year to $1.17 billion in the first half of 2024.

Sources:

  • Turkish Airlines, Press Release: "Turkish Airlines July 2024 Traffic Results" (no date)
  • Turkish Airlines, Borsa Istanbul Filing (July 2024)
  • Turkish Airlines, Press Release: "Turkish Airlines January-July 2024 Traffic Results" (no date)