Turkish Airlines to Expand International Network

DALLAS — Turkish Airlines (TK) is planning to expand its international connectivity by launching flights to three new destinations: Detroit, Osaka, and Australia.

Ahmet Bolat, Chairman of the Board and Executive Committee of Turkish Airlines, announced these exciting developments during a press gathering where he not only highlighted the company’s remarkable achievements but also laid out the roadmap for its future growth.

Bolat proudly declared that TK holds the distinction of being the world leader in terms of destination countries, showcasing its remarkable global reach. With an extensive network spanning 344 destinations across 128 countries, the airline’s prowess is undeniable. This remarkable achievement positions TK as a key player in the aviation industry, with its international connectivity acting as a pivotal bridge between cultures, economies, and people.

Highlighting their recent accomplishments, Bolat revealed that TK had already initiated flights to Palermo, Krakow, and Lusaka earlier this year. However, these new destinations are just the beginning, as the airline is setting its sights on attracting tourists from ten additional countries. The strategy aims to not only bolster tourism in Turkey but also stimulate the country’s economy by generating substantial tourism income.

“We are hoping to bring a total of 10 million tourists from Japan, Singapore, China, Indonesia, Malaysia, South Korea, Australia, Mexico, Canada, and the U.S. in the next three years.”

Ahmet Bolat, Chairman of the Board and Executive Committee of Turkish Airlines

This influx of visitors from diverse corners of the globe is projected to contribute around $30 billion in revenues, offering a significant boost to the Turkish economy.

Turkish Airlines Airbus A350-900 (TC-LGH). Photo: Brandon Siska/Airways.

Market Position

The vision outlined by Bolat is underpinned by TK’s outstanding performance and its strategic expansion efforts. The airline’s consistent growth over the years has propelled it to the eighth position in the global airline rankings as of June. This remarkable ascent has solidified its place as Europe’s second-largest airline, boasting a commendable market share of 2.6 percent.

Bolat also drew attention to Turkish Airlines’ cargo operations, which have seen exceptional growth. “Our share in the global cargo market has more than tripled over the past 10 years to 5.4 percent,” he noted.

Impressively, TK’s financial performance has been equally notable. Bolat revealed that the company’s shares have surged by over 200 percent in the past year alone, solidifying its position among the top ten airline companies. Furthermore, the airline has jumped 17 spots to secure the eighth position in terms of market capitalization, which now stands at an impressive US$13.6 billion.

Airbus A321-200, TC-JTA of Turkish Airlines. Photo: Tony Bordelais/Airways

Bolat’s optimism is palpable as he envisions TK’s market capitalization mirroring that of industry giants. “I believe our market capitalization will soon reach that of United Airlines at $17.5 billion, which presently ranks fifth,” he confidently stated. This projection is underpinned by the airline’s soaring passenger numbers. By July 2023, TK had already transported a staggering 47.3 million passengers, marking a 22 percent increase from the previous year.

Domestic flights have also witnessed a substantial surge, with passenger numbers increasing by 22 percent to reach 17.5 million during the same period. According to a recent press release, the airline’s fleet has grown, with the number of aircraft now totaling 424.

Feature Image: Turkish Airlines TC-JOL Airbus A330-300 | Photo: Alberto Cucini/Airways

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Article source: https://airwaysmag.com/turkish-airlines-to-expand-int-net/

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