THY: Ten Years of
Super-growth — August 2024

THY was one of the first airlines to achieve a genuine postpandemic turn-around. Its strong upward trajectory continues as it aims to establish itself as the leading global superconnector.

THY managed to produce a marginal net profit during the pandemic years of the 2021 and 2022, mainly by converting into a cargo carrier. It then surged ahead, with almost 200 jets added to the fleet during 2022 and 2023. Passengers carried increased by 16.1% from 71.8m in 2022 to 83.4m in 2023, capacity (ASKs) by 16.3% to 235bn. Total revenues reached $20.9bn in 2023 and net profits of $2.9bn were reported (ex-exceptionals), a remarkable 14% margin for a network carrier.