its load factor to 82.6% in 2023. Having successfully completed the Mega Move in 2019, one of the largest relocation operations the civil aviation industry has ever seen, Turkish Airlines started its operations at Istanbul Airport, the largest airport in Europe. With this move, Turkish Airlines achieved a major increase in its operational efficiency. The increase in on- time departure-arrival rates and passenger satisfaction contributed to a further increase in brand value. Thanks to the strategic location and structure of Istanbul Airport, our company has increased its share in transit passenger transportation and has become more resilient to crises by boosting its diversity in passenger operations. Due to its strategic location, Istanbul Airport provides Turkish Airlines with an advantage in connecting the Europe, Middle East, Central Asia and North Africa regions, which account for more than 40% of all international air traffic worldwide and include more than 55 national capitals.
Strong growth and record profit over the last 20 years Turkish Airlines has increased its balance sheet assets 13 times with its fleet that has been modernized and developed over a 20-year period. Financially healthy and profitable growth has been achieved by its diversified income structure and effective cost management. In this way, Turkish Airlines increased its net profit* from USD 143 million in 2003 to USD 6,021 million in 2023. Despite many negative events experienced on a global scale in the last 20 years, our company has maintained its growth momentum thanks to its successful crisis management, rapid decision- making, and forward-looking strategic moves. With an average load factor of only 67% in 2003, Turkish Airlines has increased its capacity in the aviation sector more than eight times in 20 years. Thanks to its investments and efforts to increase its service quality and brand awareness, Turkish Airlines boosted
*Inflation accounting has been applied to our 2023 financial results.
FROM BOUTIQUE AIRLINE TO THE TOP IN 20 YEARS
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