Global inflationary pressure and rising geopolitical tensions were experienced by aviation during this quarter, along with previously unheard-of operational issues.
Turkish Airlines’ operational flexibility and capacity to fulfill the rising demand with a highly skilled workforce and a vast flight network it preserved during the pandemic allowed it to end the third quarter of 2022 with a 1.5 billion USD net profit.
Despite the challenging operating environment that continued since 2020, our company managed to end its fifth consecutive quarter with a net profit.
In the third quarter of 2022, our company’s total revenue was 6.1 billion USD, exceeding the same period in 2019 by 52%. Cargo revenues, which made up 14% of all revenues and climbed by 110% compared to the same time in 2019, were almost 880 million USD.
Despite the problems in European airports, our business was able to satisfy customer demand by running its operations effectively. Flag carrier reduced its unit expenses, excluding fuel, by 5% from the same period in 2019 in order to record a net profit during the third quarter of 2022 despite the worldwide inflationary pressures.
EBITAR (Earnings before interest, taxes, amortization, and rent), which illustrates the company’s capacity to generate cash, consequently reached USD 2.1 billion.
Turkish Airlines carried 23 million passengers with a load ratio of 91.4% on domestic flights and 85.3% on foreign flights during the third quarter of 2022, 16% more passengers than in the same period in 2019.
Our fleet, which is among the newest and most advanced in the world, has 390 aircraft, including 21 cargo planes and 260 narrow-body planes.
Turkish Airlines recorded significant success on the global stage in the third quarter of the year by becoming the network carrier that offers more international seat capacity than any other. Turkish Airlines was the leader in Europe in terms of the number of flights operated by a network carrier during 2021 and the first half of 2022.
Our company continued its flying operations without interruption even though the third quarter saw a significant impact from the inadequate staff and infrastructure. Our airline’s cancellation rate was 0.3%, compared to an average of 1.7% for European carriers.
Istanbul Airport and Sabiha Gökçen Airport were among the best performers in Europe for on-time departures as a result of our nation’s investments in aviation infrastructure.