Turkish Airlines has reported strong business growth and profits, cargo volumes, and international achievements in 2024, despite challenges in the aviation industry due to geopolitical and global tensions, aircraft product delays, and engine issues.

The airline reports it achieved a $2.4 billion profit for 2024 and revealed a cash dividend of $260 million for the same period, partly owing to its share buyback strategy.

Net debt fell by $8.3 billion over the last three years which the airline says is a testament to its strong growth over the last two decades over which time it has outperformed sector averages in capacity, passenger numbers, and profitability.

Total revenues for the airline in 2024 increased by 8.2% year-on-year to $22.7 billion, and passenger revenue rose by 4%.

Professor Ahmet Bolat, Turkish Airlines chairman of the board and executive committee, said: “Despite global challenges, we remain committed to delivering our award-winning service and expanding our global network, while providing long-term value for our investors, employees, and of course our guests.”

For the cargo sector specifically, Turkish Cargo increased its annual cargo volume by more than 20 per cent and according to International Air Transport Association (IATA) data, became the world’s third largest air cargo carrier. From the total revenue calculated in 2024, around $18 billion came from the airline’s cargo exports.

Currently, it employs over 95,000 people, including its subsidiaries, a number which will likely grow as it hopes to expand its fleet size to 800 by 2033, having already increased by 12% to 492 aircraft in the last year.

Turkish Airlines, which nears celebrating its 100^th anniversary, also continued to lead in global connectivity during 2024, receiving the Guinness World Record for “most countries flown to by an airline” and expanding to the Oceania continent, with new routes to Melbourne and Sydney. It also launched flights to Santiago, Chile, marking its service to 299 international destinations.

“Turkish Airlines continues to set industry benchmarks with its strong financial performance and strategic growth as showcased by our 2024 results,” said Bolat.

The flag carrier’s success in the last year supports the efforts in strengthening Turkey’s position as a key player in global aviation.