SunExpress increased its passenger numbers to 15 million in 2024. However, the financial data revealed a significant decline in profitability.
SunExpress, a joint venture between Turkish Airlines and Lufthansa, boosted its passenger numbers to nearly 15 million in 2024. Despite this growth, the company’s financial data revealed a significant decline in profitability.
Based on the 2024 financial results, SunExpress increased its revenue by 23 percent to $2.104 billion. However, its net profit fell sharply by 39 percent, dropping from $270 million in 2023 to $164 million in 2024. Similarly, Turkish Airlines’ profit share from the joint venture decreased from $135 million to $82 million.
According to data obtained by Haber Aero, the decline in profit indicates that SunExpress is facing intensified post-pandemic competition, rising operational costs, possible declines in efficiency, and the impact of inflation accounting.
SunExpress’s total assets reached 2.5 billion by the end of 2024, with total equity recorded at $644 million.
Passengers up, profits down!
SunExpress CEO Max Kownatzki recently highlighted that the company achieved its largest passenger network ever, carrying nearly 15 million passengers in 2024. However, the financial results underscored the ongoing challenge of maintaining profitability.
Kownatzki made the following remarks:
“Last year, we reached a major milestone by carrying nearly 15 million passengers with our most extensive flight network to date. For this summer, we are nearly doubling our seat capacity compared to pre-pandemic levels. Travel demand for Turkey remains very strong, with summer pre-bookings already up 27 percent compared to 2024.”
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