Turkish Cargo is poised for its third-best year on record
The carrier has now become the 3rd largest cargo carrier in the world, a staggering leap from its 14th ranking in 2017.
Turkish Airlines has released its traffic figures for November 2024, showing a significant increase in passenger and cargo traffic compared to the same period last year.
Turkish Airlines saw a significant increase in cargo and mail traffic, with a 7.9% rise in November 2024 compared to the same period last year. The airline carried 166,196 tonnes of cargo and mail in November 2024, up from 154,095 tonnes in November 2023.
The airline carried 1.83 million tonnes of cargo and mail from January to November 2024, representing a 22.1% increase compared to the same period in 2023, when it carried 1.50 million tonnes.
Turkish Airlines reported a 5% year-over-year increase in total revenue, primarily fueled by a significant surge in cargo revenue. The airline's total revenue rose from $6.3 billion in Q3 2023 to $6.6 billion in Q3 2024.
Based on the performance of the first three quarters of the current fiscal, the Istanbul-headquartered cargo carrier's revenue for 2024 is expected to exceed $3 billion, making it the third-best year for the division in terms of revenue, after 2021 ($4 billion) and 2022 ($3.7 billion).
With 1.83 million tonnes of cargo already carried for the first 11 months of 2024, and having carried 166,196 (0.17 million) tonnes of cargo in November alone, Turkish Cargo is on track to close the year with approximately 2 million tonnes of cargo carried.
Source: Turkish Airlines 3Q'24 Results
Turkish Cargo's revenue growth has been driven by robust demand from Asia, with cargo revenues surging by 47% in the third quarter of 2024. The impressive growth has also led to a significant increase in its revenue contribution to the airline's total revenue, rising from 12% in 2023 to 15% in nine months ending September of 2024. This growth is particularly noteworthy, coming after the pandemic years of 2020 to 2022, which saw unusually high cargo revenue levels of 40% in 2020 and 37% in 2021.
Furthermore, Turkish Cargo's remarkable progress is also reflected in its market share based on Freight Tonne Kilometers (FTKs). The carrier has now become the third-largest cargo carrier in the world, a staggering leap from its 14th ranking in 2017.
Source: Turkish Airlines 3Q'24 Results
Overall, Turkish Airlines' traffic figures and financial performance for November 2024 and the third quarter of 2024 indicate a strong performance by the airline, driven by increasing demand for air travel and cargo services.
According to the fact sheet published on Turkish Airlines' website, as of June 2024, the airline's fleet stood at 457 aircraft, comprising 25 cargo planes that include 10 A330-200Fs, 8 B777Fs and 7 freighters on wetlease. It also includes 125 wide-body passenger jets and 307 narrow-body passenger jets.
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