Turkish Airlines reported that its cargo arm, Turkish Cargo, reported a 35% growth in revenue last year, as the carrier ramped up investments in specialized product handling and expanded its freighter fleet.

The growth also reflects strong global demand and the airline's push to strengthen its logistics capabilities across key markets.

Total cargo revenue in 2024 reached US$3.5 billion, up from the US$2.6 billion recorded in 2023, becoming the world’s third-largest air cargo carrier according to the International Air Transport Association (IATA).

Annual cargo volumes also expanded by more than 20%.

"Strengthening Türkiye's position as a global transfer hub through its strategic initiatives and state-of-the-art infrastructure, Turkish Cargo increased its annual cargo volume by over 20%, becoming the world's third-largest air cargo carrier according to data published by the International Air Transport Association (IATA)," the Turkey flag carrier said in a press release.

As a whole, Turkish Airlines reported an 8.2% year-on-year increase in total revenue for 2024, reaching US$22.7 billion, driven by strong performance across passenger and cargo operations.

Of that, approximately US$18 billion was classified as export revenue, underscoring the carrier's global footprint. The airline’s total assets rose to about US$40 billion, marking an 18-fold increase since 2002.

Earnings before interest, taxes, depreciation, amortization, and rent (EBITDAR) totaled US$5.7 billion, with a margin of 25.3%.