Turkish Cargo 9-months revenue grows 45% to $2.7 billion

November 9, 2021: Turkish Cargo revenue increased 45 percent to $2.7 billion for the first nine months of 2021 compared to $1.9 billion in the comparable period of 2020 on more cargo carried and higher freight rates. 

For the three months ended September 30, 2021, cargo revenue increased 45 percent to $969 million from $668 million. While revenue from cargo carried in passenger aircraft more than doubled to $307 million, income from cargo carried in freighters increased 19 percent to $662 million.

“Cargo operations continue at full capacity with freighters, and about 15 wide body passenger aircraft are being utilised for cargo operations,” an official statement said.

“The number of passenger aircraft utilised in cargo operations may also be increased depending on the cargo demand environment and passenger flight restrictions. As a result,

45 percent increase was recorded in cargo revenues compared to the nine-month period of 2020. The contribution of cargo operations to total revenue and profit increased significantly compared to previous years. Recovery in passenger operations leads to rising supply of belly cargo capacity which in turn positively impacts cargo capacity.”

Cargo revenue more than doubled in Q32021and first nine months compared to 2019 from $418 million and $1.2 billion, respectively. Cargo carried increased 25 percent to 1.4 million tonnes for the nine months of 2021 from 1.1 million tonnes in nine months of 2019. 

Total passenger and cargo revenue for Turkish Airlines increased 49 percent to $7.2 billion, and the airline reported a net profit of $734 million compared to a loss of $786 million in nine months of 2020.