WOOD Flash – Turkish Airlines: 3Q24 – strong cargo and investments offset steep growth in staff costs
Turkish Airlines' 3Q24 results came in broadly in line with our estimates, but the numbers were a 4-5% beat vs. the consensus on the EBITDA and EBIT. The revenue was up 5% yoy, mirroring the capacity growth, as strong cargo yields offset slight weakness in the passenger yield (which was down 2.2% yoy, or 0.5% if excluding the currency impacts). The ex-fuel cask grew in the high teens, driven mainly by high personnel costs, as expected. The bottom line was stronger than both we and the consensus anticipated, as the company booked, yet again, a very material positive result from financial investments (USD 0.6bn in 3Q24 alone), while the effective tax rate appears to have been less than 10%. During the call, management noted the continued good results and huge liquidity reserves (over USD 7bn), and suggested that the company may distribute dividends.Turk Hava Yollari is engaged in the airline industry with the airline flying to 103 destinations, throughout Turkey and internationally. As of the year end, Co. maintains 66 aircrafts with a total seat capacity of 10,672, and leases a A300-200 cargo aircraft. Co. has various services for their customers which include: various ways of checking in and on-line ticket sales.
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