Q4 2023 Turk Hava Yollari AO Earnings Call Transcript
Key Points
- Revenue exceeded $20 billion with a full year net profit of $2.9 billion, excluding one-off gains from inflation accounting adjustment.
- Passenger demand remained robust, with a 16% year-over-year increase, carrying 83.4 million passengers.
- Turkish Airlines named Best Airline in Europe by Skytrax and received a 5-star global airline rating from Apex.
- Commitment to sustainability recognized with the title of Most Sustainable Flight Carrier Airline by World Finance.
- Strategic plan announced for sustainable and profitable growth, targeting over 170 million passengers and a fleet of over 800 aircraft by 2033.
- Challenges such as geopolitical tensions, air traffic congestion in Europe, and manufacturer-related problems impacted the industry and operations.
- Cargo revenues decreased by around 30% to $2.6 billion, mainly due to unit revenue erosion.
- Increased competition in long-haul routes and slower-than-anticipated recovery in China affected load factors and yields.
- Ongoing conflicts in the Middle East and geopolitical issues in the region led to a decrease in demand and load factors.
- High inflation and currency fluctuations could impact cost structure and operational expenses.
Ladies and gentlemen, welcome to the Turkish Airlines Fourth Quarter 2023 Earnings Call. (Operator Instructions). I'll now hand you over to your host, Associate Professor, Murat Seker, Member of the Board and the Executive Committee as well as the Chief Financial Officer; and Mehmet Fatih Korkmaz, Head of Investor Relations. Speakers, the floor is yours.
Thank you very much, and good afternoon, everyone, and thank you for joining us. Today's announcement -- announced results underscore our industrial-leading position with the revenue exceeding $20 billion and achieving a full year net profit of $2.9 billion, excluding the one-off gain caused by the inflation accounting adjustment. The robust passenger demand supported by our operational strength and vast network enabled us to have a successful year. Our staff was an integral part of our success and work hard to serve our customers flawlessly. We are very grateful for all of our Turkish Airlines family for such a remarkable
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