Turkish Airlines announces 2024 earnings, sets cash dividend

Türkiye’s flag carrier, Turkish Airlines, announced on Friday its financial results for 2024, reporting a consolidated net profit of ₺113.4 billion ($3.1 billion) for the year.

The airline’s revenue surged 48% year-on-year to ₺745.4 billion, while gross profit increased 20% to ₺142.9 billion. Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 18% to ₺136.2 billion.

Net monetary position gains saw a 70% rise, reaching ₺78 million, while shareholders’ equity grew 10% to ₺679.8 billion.

Profit declines, dividend proposed

Meanwhile, net debt declined 2% to ₺275.9 billion, and the company’s total assets expanded 3% to ₺1.4 trillion. Fixed assets increased 4% to ₺1.057 trillion, while current assets edged up 1% to ₺341.9 billion.

Despite strong revenue growth, Turkish Airlines‘ net profit fell 30% compared to 2023, when it had recorded a total profit of ₺163 billion.

The company is set to propose a per-share cash dividend of 5.851449% from its 2024 earnings for approval at its General Assembly.