Turkish Airlines posts record profit in Q3

Turkish Airlines Chairman İlker Aycı
Updated 20 November 2017
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Turkish Airlines posts record profit in Q3

With $939 million, Turkish Airlines posted a record net profit in the third quarter of 2017. The airlines recorded nine-monthly operating net profit of $956 million.
The successful third quarter marked a 23 percent increase in total revenues compared to the same period of 2016, reaching $3.6 billion. The nine-month average on total revenues marked $8.2 billion with an 8 percent increase.
According to Turkish Airlines 2017 third quarter financial results, the margin of its earnings before interest, taxes, depreciation and amortization (EBITDA) increased 90 percent to $1.5 billion. The 41 percent EBITDA margin confirms the airline’s position among the most profitable airlines of the industry.
“The net profit recorded in 2017’s third quarter, clearly demonstrates our capacity to generate cash,” said lker Aycı, Turkish Airlines chairman of the board and executive committee.
“We will continue this growth trend without ever compromising on the quality of our service…” he added.
According to the 2017 third quarter financial results, Turkish Airlines, with 81.5 percent, reached the highest September occupancy capacity of the past five years.
The airline’s occupancy capacity increased by 17 percent compared to the third quarter of 2016, with the airline serving 21.3 million passengers. Hence the nine-month average reached 79 percent occupancy, reaching 52 million passengers. Financial measures applied translated as 6 percent decrease in the nine month operational costs.
On the other hand, Turkish Cargo has increased destinations from 55 to 72 as of 2017 third quarter and has reached 294 thousand tons of cargo with 29 percent increase.
Turkish Cargo in the third quarter of 2017 also increased revenues by almost 40 percent reaching $343 million. Turkish Cargo was recently awarded the “Best Air Cargo Carrier in Asia.”
Along with the new destinations of 2017 such as Samara and Phuket, the number of destinations served by the flag carrier reached 300 in the third quarter of 2017, including 49 domestic and 251 international destinations in 120 countries. The fleet of Turkish Airlines, one of the youngest in the world, contains 223 narrow-body planes, 90 wide-body planes and 16 cargo planes.


LuLu opens Saudi Arabia's largest store in Riyadh

Updated 37 min 25 sec ago
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LuLu opens Saudi Arabia's largest store in Riyadh

JEDDAH: LuLu Group recently opened its 150th hypermarket in Riyadh. It was inaugurated by Ibrahim Al-Omer, governor of Saudi General Investment Authority (SAGIA); Ibrahim Al-Suwail, deputy governor of SAGIA; along with Sheikh Shakhbout bin Nahyan Al-Nahyan, UAE ambassador to Saudi Arabia; Yusuff Ali M.A., LuLu Group chairman; Shehim Mohammed, LuLu Saudi director; and other dignitaries and royal family members.
Located at the newly launched Atyaf Mall in Yarmouk, the hypermarket, the 13th in the country and the Kingdom’s largest, is spread across 220,000-square-feet.
Yusuff Ali M.A. said: “We are absolutely delighted to open our group’s 150th and Saudi Arabia’s 13 hypermarket in Riyadh and I am sure the shoppers here will be pleased by the new retail experience we have created. Through our internationally sourced quality products and enthusiastic staff, LuLu has been the most preferred destination for different nationalities and we will continue to preserve this identity with our new store.”
He added: “We see tremendous growth opportunities in the Kingdom and are glad to be part of the Vision 2030 by further expanding our presence here. We will open another 15 hypermarkets by 2020 at an investment of SR1 billion ($266 million) out of which five will be opened this year itself. This includes three hypermarkets in Riyadh followed by one each in Tabuk and Dammam. This is apart from the SR1 billion we have already invested in the Kingdom till now.”
The group currently employs more than 3,000 Saudi nationals, out of which 1,400 are women, amounting to 40 percent of Saudization.
“Our goal is to give employment to 6,000 Saudi nationals by the end of 2020. We have a very elaborate and effective multi-level training program, through which we not only train them here but also send the local recruits to other regions in the GCC and India for training in various departments. We have also tied up with Saudi vocational institutions and universities in this regard,” the LuLu Group chairman said.