Turkish Airlines announces 2024 earnings, sets cash dividend
A Turkish Airlines Airbus aircraft on the runway at Sabiha Gokcen Airport (SAW) in Istanbul, Türkiye, on Dec. 29, 2020. (AA Photo)
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.
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