Outperforming industry averages in capacity, passenger numbers, and profitability over the past 20 years, Turkish Airlines reported a Profit from Main Operations of 2.4 billion USD in 2024 despite global geopolitical and economic tensions, bottlenecks in aircraft production, and engine issues. Accordingly, our Company maintained its consistent profitability under a challenging post-pandemic operating environment, reducing its net debt by 8.3 billion USD in just three years.
Firmly advancing towards its 100th anniversary goals, Turkish Airlines demonstrates its dedication to sharing its success by announcing a cash dividend of 260 million USD and remains committed to investor returns with its current share buyback program.
Turkish Airlines' total revenues in 2024 increased by 8.2% year-on-year to 22.7 billion USD. Passenger revenue rose by 4% under intensifying competition, while cargo revenue grew by around 35% compared to 2023. Strengthening Türkiye's position as a global transfer hub through its strategic initiatives and state-of-the-art infrastructure, Turkish Cargo increased its annual cargo volume by over 20%, becoming the world's third-largest air cargo carrier according to data published by the International Air Transport Association (IATA). Representing significant value for the Turkish economy, approximately 18 billion USD of our Company's total revenue was recorded as export revenue while total assets reached around 40 billion USD, growing 18-fold since 2002.
As an indicator of Turkish Airlines' operational cash generation capability, EBITDAR (Earnings Before Interest, Tax, Depreciation, Amortization, and Rent) totaled 5.7 billion USD with a margin of 25.3%, aligning with the Company's long-term targets.
On the performance of the airline, Turkish Airlines Chairman of the Board and the Executive Committee Prof. Ahmet Bolat stated: 'Turkish Airlines continues to set industry benchmarks with its strong financial performance and strategic growth as
showcased by our 2024 results. Despite global challenges, we remain committed to delivering our award-winning service, expanding our global network, while providing long-term value for our investors, employees, and of course our guests. As we move forward towards our 100th anniversary, we take pride in strengthening Türkiye's position as a key player in global aviation and forge ahead on our journey to the top.'
2024 marked a year of milestones and achievements for Turkish Airlines. Reinforcing its leadership position as a global connector of continents and cultures, our Company officially received the Guinness World Records™ title for 'Most Countries Flown to by an Airline'. Expanding into a new continent with the addition of Melbourne and Sydney routes to its network, Turkish Airlines also launched flights to Santiago, Chile, increasing its served countries to 131 and total international destinations to 299. In 2024, our Company was recognized as the '5-Star Global Airline' by APEX (Airline Passenger Experience Association) for the fourth time, 'Best Airline in Europe' by Skytrax for the ninth time and 'Most Sustainable Flag Carrier Airline' for the third time by World Finance.
Aiming to expand its fleet to more than 800 aircraft by 2033 as part of its 100th Anniversary Strategy, Turkish Airlines increased its number of aircraft by 12% in 2024 to 492, despite bottlenecks in aircraft production. Targeting to minimize costs and currency risks while expanding its modern fleet, our Company continued its diversification strategy in aircraft financing and completed a total of 1.8 billion USD in aircraft financing throughout the year. Turkish Airlines also became the first airline outside of China to secure financing in Chinese Yuan. Additionally, our Company issued a sustainability-linked loan for aircraft financing for the first time and was honored with six separate financing awards from Airline Economics in 2024.
Employing over 95 thousand people along with its subsidiaries, Turkish Airlines proudly represents Türkiye in the global air transportation industry with its unique flight network, modern fleet, superior service, and successful performance. In the following years, our contribution to the sustainable growth of the aviation sector will continue in line with the national development objectives and our 2033 strategy.
