Last Updated on 11/03/2023
Anticipating to rank as the sixth most valuable airline brand in the world, Türkiye’s national flag carrier Turkish airlines hopes to completely erase the effects of the coronavirus pandemic and serve a record number of passengers.
Turkish Airlines the 10th most valuable airline company in the world
Turkish Airlines (THY) is currently the 10th most valuable airline company in the world thanks to a significant market rally this year that increased the market value of the company to over 10 billion euros ($10.6 billion), according to Ahmet Bolat, chairman of the carrier’s board and executive committee.
The carrier quickly recovered from the COVID-19 aftermath, increased profitability, and is getting closer to pre-pandemic capacity levels thanks to a growth in the freight industry.
Estimation to become World’s 6th most valuable airlines in 2023
In an interview with Anadolu Agency (AA), Bolat stated his anticipation of moving up to the sixth most valued airline by 2024. He added that the Turkish Airline scheduled to fly its billionth passenger in the interval between February and March.
Bolat continued, that with the exception of 2016 and 2020, the airline’s double-digit growth the last two decades was a tribute to its success. Moreover, the opening of Istanbul Airport in 2018 helped the company flourish by addressing the capacity deficit issue. In fact, the capacity of Istanbul Airport is over 120 takeoffs and landings per hour.
Turkish airlines’ world-class performance
Investors bought more Turkish Airlines stock as a result of their satisfaction with the government’s apparent desire to elevate the Turkish aviation industry to a global participant.
Due to the operational issues that European airlines were having, Bolat stated that passengers opted to fly with Turkish Airlines, which increased the company’s profits and trust.
Turkish Airlines shares soared by about 625% this year, propelling the airline’s market value to $10.72 billion, making it the best-performing airline firm.
The increase enabled the Turkish carrier’s value to surpass that of its largest European rival, Lufthansa, which is currently valued at roughly $10.29 billion. Shares of Lufthansa have increased by more than 30% this year.
Serious efforts for a better target
Turkish Airlines plans to carry over 72 million passengers by the end of this year and over 88 million by the end of the next year. Approximately 66.3 million passengers were transported by the airline from January through November 2022.
Moreover, In the first three quarters of this year, the company reported net revenues of $2.25 billion, which constitutes a fivefold rise over the same period in 2019.
Tourism attraction
In several airports, where staff had been cut back because of COVID-19 and workers were on strike, the start of the summer season in June and the increase in international air traffic to and from European nations created a crisis.
Therefore, particularly on long-distance routes, Turkish Airlines observed an increase in both point-to-point and transit customers.
Consequently, the increase in tourist arrivals in Turkey also contributed to the expansion in passenger numbers of the company. According to figures from the Ministry of Culture and Tourism released last week, there were 42.2 million international visitors visiting Turkey in January through November, with an increase of 84.8% over the same period last year. The ministry data also showed that the 11-month total increases to 47.6 million.
Several destinations worldwide
Turkish Airlines has a fleet of more than 390 aircrafts that intends to increase to 427 by the end of 2023. Moreover, the company’s airplanes currently flies to 342 destinations in 129 countries, including Turkey, with 346 being the goal for the next year.
In addition to increasing the number of flights on existing routes, the airline has plans to expand its flight network by adding flights to the major American cities of Denver and Detroit, as well as Palermo in Italy and Katowice in Poland. Turkish Airlines also plans to start flying directly to Australia. Consequently, to successfully carry all the above mentioned goals,
the company will hire over 1,100 pilots and 2,000 cabin workers in 2023.
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