Turkish Airlines continues to recover
The airline ended the third quarter of the year with a strong recovery in demand and operational agility
Global aviation experienced a quarter of rising geopolitical tensions and global inflationary pressure while facing unprecedented operational challenges. Turkish Airlines ended the third quarter of 2022 in profit thanks to its operational agility and ability to meet growing demand with its highly-skilled workforce and extensive flight network that it preserved during the pandemic. The company managed to conclude its fifth consecutive quarter with a net profit despite the difficult operating environment that has persisted since 2020.
Constituting 14% of total revenue, cargo revenue increased 110% compared to the same period in 2019 and recorded approximately $880 million.
Despite disruptions at European airports, Turkish Airlines managed to meet passenger demand with successful operations. Despite global inflationary pressures, the flag carrier posted a net profit for the third quarter of 2022 by reducing its non-fuel unit expenses by 5 percent compared to the same period in 2019. As a result, EBITAR (Earnings before interest, taxes, amortization and rent), which shows the company's cash-generating potential, reached $2.1 billion.
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 load factor of 91.4% on domestic flights and a load factor of 85.3% on international flights. Its fleet, which is one of the youngest and most modern in the world, consists of 390 aircraft, 260 narrow-body and 109 wide-body, as well as 21 cargo planes.
As Europe's leader in terms of the number of flights operated by a network airline during 2021 and the first half of 2022, Turkish Airlines recorded significant success on a global scale in the third quarter of the year, becoming the network airline offering more international flights with more seating capacity than any other. As insufficient manpower and infrastructure were deeply felt during the third quarter, our company continued its flight operations uninterrupted. While European airlines experienced 1.7% flight cancellations on average, this rate for our airline was 0.3%. As a result of our country's investments in aviation infrastructure,
By quadrupling its market share in the freight forwarding market over the last 10 years, the company built on its success as the world's fourth-largest air cargo carrier, according to August 2022 data from IATA. Moving into SMARTIST, a new high-tech built cargo hub at Istanbul Airport in February 2022, Turkish Cargo aims to further enhance its position among the world's leading air cargo brands in its new home.