Global aviation underwent a quarter of increasing geopolitical tensions and global inflationist pressure while facing unprecedented operational problems. Turkish Airlines finished the third quarter of 2022 with a 1.5 billion USD net profit thanks to its operational agility and ability to meet the increasing demand with its highly skilled workforce and the wide flight network it preserved during the pandemic. The company managed to conclude its fifth quarter in a row with a net profit despite the difficult operating environment that persisted since 2020.
The total revenue of the company during the third quarter of 2022 was 6.1 billion USD, surpassing the same period in 2019 by 52%. Constituting 14% of the total revenues, cargo revenues increased by 110% compared to the same period in 2019 and were recorded as approximately 880 million USD.
Despite the disruptions in European airports, the company managed to meet the passenger demand by successfully conducting its operations. In spite of the inflationist pressures on the global scale, the flag carrier managed to record a net profit during the third quarter of 2022 by lowering its unit expenses excluding fuel by 5 percent compared to the same period of 2019. As a result, EBITAR (Earnings before interest, taxes, amortization, and rent), which shows the cash generation potential of the company, is realized as 2.1 billion USD.
During the third quarter of 2022, passenger capacity exceeded 2019 levels by 16% and Turkish Airlines carried a total of 23 million passengers with a 91.4% load factor on domestic flights and 85.3% percent load factor on international flights.
