Turkish Cargo reports remarkable 35% revenue growth in 2024

Turkish Cargo, the cargo division of Turkish Airlines, has reported a remarkable 35% increase in its cargo revenue for the year 2024. The revenue surged to $3.5 billion from $2.6 billion in 2023, driven by strong demand and strategic operations.

The total cargo revenue for the year 2024 marks the third-highest annual cargo revenue in Turkish Airlines' history, following $4 billion in 2021 and $3.7 billion in 2022.

Annual cargo volumes increased by over 20%, contributing significantly to the growth. In 2024, Turkish Airlines transported just over 2 million tonnes (2,000,873 tonnes) of cargo and mail, marking a 20.6% increase from 1.66 million tonnes in 2023. Domestic cargo volumes rose by 8% to 60,483 tonnes, while international cargo surged by 21% to 1,940,389 tonnes.

Total revenue for Turkish Airlines in 2024 grew by 8.2% year-on-year, reaching $22.7 billion, up from $20.9 billion in 2023. Cargo revenue contributed 15.4% to the total revenue in 2024, up from 12% in 2023. In 2020 and 2021, at the peak of the Covid pandemic, cargo revenue contribution was 40.4% and 37.6% respectively to the total revenue. In 2022, it was 20.3%.

The Istanbul-based cargo airline ranks third globally with a 5.7% market share based on Freight Tonne Kilometre (9.9 billion FTKs in 2024), according to the International Air Transport Association (IATA).

Turkish Cargo operates flights to 133 countries and 369 destinations with a fleet of 24 freighters and 468 passenger aircraft as of December 2024. The airline's cargo fleet includes 8 Boeing 777Fs, 10 Airbus A330-200Fs, and 6 wet-leased freighters (3 each of A310-300Fs and A321-200Fs). Additionally, Turkish Cargo has placed an order for five Airbus A350 freighters with an option to purchase 20 more.

SmartIST, one of the world's largest air cargo facilities, continues to play a pivotal role in Turkish Cargo's operations, supporting its ambitious growth and global reach.