Summary
- In May, Turkish Airlines carried fewer passengers as its average load factors have also decreased compared to May 2023.
- However, during the month, its year-on-year (YoY) capacity grew by 7.3%.
- The airline plans to have 800 aircraft in its fleet, which would enable it to carry over 170 million annual passengers.
Turkish Airlines has issued its May 2024 passenger traffic results. Despite the Turkish carrier and its low-cost arm, AJet, increasing its capacity by around 7%, its total passenger numbers, as well as average load factors, have decreased year-on-year (YoY).
Worsening YoY passenger numbers
Turkish Airlines disclosed that during the month, it carried 7.2 million passengers, compared to 7.4 million in May 2023, a 1.7% decrease YoY, despite it being the start of the summer peak season. Still, passengers who transfer via the airline’s network increased by 3.6%, going from 2.4 million to 2.4 million.
Photo: Vincenzo Pace | Simple Flying
Its average load factors were 79.8%, a 2.1% decrease YoY. During the month, the average international flight load factor was 79.3%, while Turkish Airlines’ domestic flights were, on average, 84.2% full. Meanwhile, its cargo/mail tonnage increased to 174.4 thousand tons, a 28.8% increase YoY.
Lastly, the Turkish airline’s capacity, measured in available seat kilometers (ASK), grew by 7.3% YoY, resulting in May’s ASKs being 21.3 billion. In May 2023, Turkish Airlines’ ASKs measured 19.9 billion, while in May 2019, its capacity was 15.4 billion ASKs. The latter number was sourced from the aviation analytics company Cirium.
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Decreasing year-to-date load factors
The numbers were much more positive when looking at Turkish Airlines’ year-to-date (YTD) passenger traffic data. The carrier welcomed 32.8 million passengers during the period between January and May 2024, a 5.7% increase YoY. 2.5 million travelers transited through Turkish Airlines’ network during the five-month period, an increase of 3.6% YoY.
Photo: Turkish Technic
However, its load factors have worsened YTD, with the airline ending the period with an average load factor of 80.4%, while during the same period last year, it was 81.2%. Average load factors on international and domestic journeys were 80% and 83.8%, respectively.
The airline ended May with 456 aircraft, which includes the fleet of its low-cost carrier subsidiary, AJet. According to ch-aviation data, Turkish Airlines currently has 428 aircraft in its fleet, while AJet operates 77 Airbus A320, A321, A320neo, A321neo, Boeing 737-800, and Boeing 737 MAX 8 single-aisle aircraft.
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Turkish Airlines certainly does not lack ambition and after a very successful 2023 it is on course to build a fleet of more than 800 aircraft.
Ambitious expansion plans
Over the past few financial reporting periods, Turkish Airlines has repeatedly highlighted the potential growth of the Turkish passenger market and its rapid growth on the international stage. In its Q1 2024 presentation, the airline laid out its predictions that Turkey will welcome 180 million passengers in 2024, growing to 186 million and 191 million during the two following years.
Meanwhile, it highlighted that its global market share has increased by 1.3% between 2010 and 2023, and by Q1 2024, in terms of ASKs, it was the ninth-largest airline in the world, trailing such carriers as United Airlines, American Airlines, Emirates, and others.
Photo: Vincenzo Pace | Simple Flying
During the first three months of the year, despite its revenues growing by 10%, Turkish Airlines still ended up with an operational loss of $28 million. However, income, classified as ‘other operating income’ in its Q1 report, helped the airline to end the period with a $42 million net profit.
Nevertheless, Turkish Airlines has ambitious plans for the future. In a strategy presentation in November 2023, the company outlined that it wants to operate more than 800 aircraft in 2033, growing its revenue to $50 billion, while carrying 170 million passengers annually.
Photo: MBekir I Shutterstock
In December 2023, it ordered 220 Airbus aircraft: 150 A321neo and 70 A350s, split between 50 A350-900, 15 A350-1000, and five A350F. The deal included additional options for 100 A321neo, 20 A350-900, and five A350F, with the total potential order amounting to 355 aircraft from the European plane maker.
However, it was not done shopping, and in April, Reuters reported that Ahmet Bolat, the Chairman of Turkish Airlines, confirmed that the airline was negotiating with Airbus and Boeing for a potential deal for 235 aircraft.
In a follow-up report in June, Bolat told Reuters that it was close to announcing an order for Boeing 737 MAX and 787 jets, yet the deal was still pending negotiations with CFM International, which is the sole engine provider for the 737 MAX, as pricing was an issue for Turkish Airlines.
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