Turkish Technic Sees Profit Boost For 2022
In its financial results for 2022, Turkish Technic accelerated its post-COVID-19 recovery after reporting a 37% year-on-year growth in annual revenues while also seeing a jump in profit for the year.
For the 12 months up to the end of 2022, the company posted revenues of $1.42 billion and increased its global market share to 1.9%—both the highest in the company’s history, it says. Its operational profit stood at $119 million in 2022.
The MRO provider had previously stated its ambitious growth plans and last year saw investments in its capacity and capabilities to meet returning market demand worldwide.
Capability additions included new component numbers, which Turkish Technic says numbered approximately 1,193 aircraft parts.
Turkish Technic also agreed to partner with German passenger-to-freighter (PTF) conversion specialist Elbe Flugzeugwerke to undertake Airbus A330 PTF work in Istanbul from the third quarter of this year.
It also reached several milestones in the widebody segment by servicing its first ever Airbus A350 and Boeing 787 aircraft, while also carrying out its first 777-300ER landing gear overhaul.
During 2022, Turkish Technic says it provided base maintenance services to approximately 649 aircraft, completed overhaul operations of 221 landing gears and serviced more than 119,000 components.
Turkish Technic’s recovery swing reflects results posted by its Turkish Airlines affiliate earlier this month. The flag carrier reported it had more than tripled its pre-crisis profits of 2019 with a company record $2.7 billion in 2022.
The airline also set another company record for revenue, with last year’s figures jumping to $18.4 billion, an increase of 39% from 2019.