Turkish Airlines doubles revenues and operating profits in 2022

Turkish Airlines almost doubled revenues and operating profits last year as a sharp return in passenger demand helped it to record profitability The Star Alliance carrier had already weathered the crisis better than most of its peers, as a strong performance from its cargo business supplemented a passenger operation which benefited from both the scale and touristic nature of its domestic market. It moved to quickly rebuild passenger capacity as borders reopened last year, flying 71.8m passengers in 2022, just 3% shy of pre-pandemic levels. This helped it last year to more than double passenger revenues, to $14.3b from $6.4b in 2021. Despite Turkish shifting back some of the passenger aircraft temporarily converted for freight operations during the crisis and falling global demand, cargo revenues only dropped to $3.7b from $4.0b in 2021. This contributed to the Istanbul carrier’s overall revenues climbing from $10.7b in 2021 to $18.4b last year – an increase of 39% on revenues generated in pre-pandemic 2019. Turkish Airlines’ operating profit jumped from $1.4b to just under $2.8b for 2022, while net profit almost trebled to $2.7b. Both figures outstrip the airline’s previous profit highs.<br/>