Turkish Airlines (Turkish Airlines) 737 million in the first six months of the year dollar net profit. Ahmet Bolat, Chairman of the Board and the Executive Committee of Turkish Airlines, met with the economy press to announce the company’s half-year results. All senior management of THY was present at the meeting. Bolat said, “There is a much greater success this year compared to previous years” and added, “Business models at airports in Europe have deteriorated. They cannot find enough employees. Manufacturers are experiencing breaks in the supply chain. The repair time, which was normally 55 days for the engine of narrow body aircraft, increased to 180 days. Because parts production was delayed. 8 of our 787s have not arrived for a year. In other words, we started this year with a 10 percent shortage of wide-body aircraft. Despite all the disruptions, THY increased the capacity. Optimized the use of airplanes. THY Technic accelerated. The number of planes on the ground decreased by 50 percent. This year, there is a profit of 737 million dollars in the first 6 months. This is the biggest figure in the first 6 months in the history of THY,” he said.
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BECAUSE OF THE COMPETITORS
Stating that they left their rivals behind, Bolat said, “We have 80 aircraft of our own. There are physical investments in İGA. He has tangible assets of close to $15 billion.
THY surpassed its competitors in Europe both in terms of profitability and capacity. Ranked in the top 3 in the world. It renewed its strategies. A company with a harmonious and experienced management focused entirely on passenger and cargo transportation. Except for 2016 and 2020, we always made a profit and grew in double digits.” Stating that they provided 5 thousand extra employment with all subsidiaries last year, Bolat said, “We foresee more employment this year. We provide employment, foreign currency We brought in, we export, we started to bring qualified tourists. Looking at all this, I predict that THY will complete the year successfully.” Referring to the issue of cargo transportation, Ahmet Bolat said, “We are in talks with a few companies for strategic cooperation in order to convert some of our 777s into cargo planes. We are planning to turn nearly 10 of our planes into cargo,” he said.
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WILL PROMOTE CITIES
Stating that the international passenger capacity increased by 22 percent in June compared to 2019, Bolat continued: “While the airlines abroad were experiencing difficulties, the jet fuel expenses increased by 51 percent, while THY achieved a significant success. THY has become the main carrier of tourism rather than these numerical achievements. We continue to promote Istanbul. We will do this for our other cities as well. As THY management, we will go to Van on the 21st. Turkey is not limited to sea, sand and sun. We will show it. As of September, we will add capacity to domestic lines. We are also planning in Erzurum and Diyarbakır.” Stating that the only continent they could not reach was Australia, Bolat also heralded that Australia flights will start next year via Indonesia.
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‘SHARE THE PRICE SHOULD BE 6 DOLLARS’
of THY share Evaluating the issue of prices, Bolat said, “THY shares are well below their value in my opinion, they are being traded. In my opinion, THY shares should be at least 6 dollars,” he said, and continued: “The successful results of THY are obvious. That is, the share price does not reflect this performance. In the coming period, we will go to the road show to better explain THY’s performance to foreign investors.” THY’s Deputy General Manager responsible for financial affairs Assoc. Murat Şeker said, “Currently, THY shares are at the level of 3.2 dollars. Our total market value is at the level of 4.6 billion dollars.”
MARKET SHARE 64 PERCENT
According to the figures shared by BOLAT, the indicators point to a great improvement compared to the pandemic. The figures are as follows: In June, the increase in international direct passengers was 39 percent compared to 2019, and 44 percent in July. In the first 6 months of 2022, Turkish Airlines’ domestic market share increased by 3.3 points compared to 2019 and increased by 10 points compared to 2021, reaching 64 percent. In the first half of the year, passenger revenues increased by 8 percent compared to the same period of 2019 and reached approximately 5.4 billion dollars, while cargo revenues increased 2.5 times to exceed 2 billion dollars. Net indebtedness was reduced by $2.8 billion in the first 6 months.
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