Turkish Airlines to expand its aircraft fleet by 2023

Turkish Airlines has embarked on an ambitious expansion program. The airline wants to increase its aircraft fleet bringing it to double by 2023. The airline also wants to increase its revenues to $24 billion by the same year.

Temel Kotil, Chief Executive of Turkish Airlines, said that the airline is planning to double its fleet to 450 aircrafts by 2023. Currently, the airline owns a 267 aircrafts fleet. He also said that the operating revenue is also expected to increase to $11.4 billion, up 17 percent in 2014. The airline’s revenue earning was only $9.8 billion y-o-y, up 19 percent in 2013. The net profit however declined to $357 million, down 46 percent during the same period.

Kotil further stated that the airline is expecting to see an increase in passenger numbers. It is likely to reach 60 million in 2014. Under its expansion plans, the airline will also be adding 16 destinations to its global network.

Kotil said that no other countries are presently growing as Turkey is doing now. The prime reason behind this growth is that Turkey is strategically located. Its location is between Europe and Asia, between Europe and Africa, as well as between Europe and the Middle East.

Turkish Airlines wants to take advantage of the country’s strategic location and strengthen its revenue earnings. The airline stated that a new airport is set to be opened in Turkey’s capital city Istanbul in early 2019.

The new airport is being built at an estimated investment of $35 billion. There will be six runways here. The airport will also have parking spots for 500 aircrafts. The airline will have the capacity to handle 150 million passengers. Kotil said that the airport is being built in an area of nearly 8,000 hectares and will be the largest in the world.