Turkish Airlines has posted $619 million in real operating profit and $225 million in net profit for the fourth quarter of 2021, despite the effects of the COVID-19 pandemic.
The airlines’ total revenue for the period stood at $3.3 billion, 39 percent of which stemmed from cargo revenue, which jumped 172 percent from the same period in 2019.
Despite the pandemic-induced drag on demand, the Turkish flag carrier managed to limit its operational loss with cost-cutting steps that resulted in a 12% decrease in total expenditures during the fourth quarter of 2021 compared to the same period of the 2019. As a result, EBITAR (earnings before interest, taxes, amortization, and rent), which shows the cash generation potential of the company, was at $1.242 billion, a 39 percent increase compared to the same period in 2019. The EBITAR margin increased by 10.3 points compared to last year and became 37.5 percent.
In the fourth quarter of 2021, which saw the global carrier reaching 84 percent of its Q4 2019 passenger capacity, Turkish Airlines carried a total of 13.7 million passengers with 79 percent load factor at domestic flights and 69 percent load factor at international flights.
Turkish Airlines strengthened its identity as a global airline during these difficult times with its wide flight network, strong frequencies, and superior hygiene standards. With this identity, global carrier managed to successfully transfer its capacity from suspended routes during this period to profitable ones. As of the end of December, flag carrier possesses one of the world’s youngest and most modern fleets with 370 aircraft, 246 of them narrow-body and 104 of them wide-body, along with 20 cargo aircraft.
As the Europe’s leader in terms of flights operated during 2020, Turkish Airlines maintained its leading position during 2021 among European network carriers. Flag carrier managed to turn crisis into an opportunity by focusing on cargo transportation and making several passenger aircraft in its fleet available for Turkish Cargo. According to the 2021 data, the global carrier became the fifth biggest air cargo carrier excluding integrators in the world.
Employing approximately 60 thousand people combined with its subsidiaries, Turkish Airlines continues to proudly fly our flag amongst the giants of air transportation as the brand that steers its sector with its unparalleled flight network, modern fleet, outstanding cargo performance and successful crisis management. With the end of the pandemic and consequent rise of the aviation, flag carrier airline will increase its pace towards the summit of the sector and will continue to produce added value for our country and aviation sector with an effort greater than any before.