Pegasus Airlines is the world’s most operationally profitable airline in 2022
Pegasus Airlines CEO Güliz Öztürk announced in a press conference held during the 79th IATA Annual General Meeting and World Air Transport Summit on June 6, 2023, that the company became the world’s most operationally profitable airline in 2022. Despite the challenging conditions faced in 2022, Pegasus Airlines achieved significant success due to the rapid increase in travel demand during the summer season.
During the year, the airline increased its total number of passengers by 34% to 26.9 million, with a particularly strong growth rate of 96% in international flights. Sales revenues rose by 139% to 2.45 billion Euros, representing a 41% increase compared to 2019. Pegasus Airlines also experienced a growth of 8% in overall capacity and 23% in international capacity compared to 2019. The company achieved a record high operating profit margin of 34.1% in FAVÖK (earnings before interest, taxes, depreciation, and amortization) at the end of 2022, making it the best-performing airline globally in this metric. The net profit for 2022 reached 431 million Euros.
CEO Güliz Öztürk expressed satisfaction with the momentum gained before the high summer season in 2023, despite the challenging global macroeconomic conditions and a major earthquake in the country. Pegasus Airlines increased its capacity by 32% and the number of passengers by 31% compared to the previous year, with a 43% growth rate in international passengers.
In terms of future plans, Pegasus Airlines aims to increase its total capacity by approximately 20% in 2023 and surpass the milestone of 100 aircraft in its fleet by the 100th anniversary of the Republic of Turkey. The airline plans to receive 10 A321neo aircraft in the remainder of 2023, 21 in 2024, and 11 in 2025. Pegasus Airlines remains committed to digital transformation, sustainability, diversity, equality, and inclusivity, emphasizing its support for the aviation industry’s sustainable goals.
Regarding sustainability, the company has set a target of achieving net-zero carbon emissions by 2050 and reducing emission intensity by 2030. Pegasus Airlines invests in a new generation fleet, utilizes alternative energy sources, and implements initiatives such as waste management and transformation of business processes to contribute to these goals. The financing model for ten out of seventeen Airbus A321neo aircraft delivered in 2022 was supported by export credit agencies, focusing on emission intensity reduction and gender equality. The airline continues its efforts in sustainable aviation fuel (SAF) production in Turkey and aims to increase its SAF usage in operations.
Pegasus Airlines also emphasizes diversity, equality, and inclusivity, with 35% of its employees being women as of May 2023. The company aims to increase the representation of women in pilot, engineering, and technician roles and raise the proportion of women in management to at least 32% in line with IATA’s “25by2025” goals.
CEO Güliz Öztürk sees the 79th IATA Annual General Meeting as an opportunity for airlines to demonstrate positive actions toward environmental impact reduction. As an example, Pegasus Airlines commits to reducing flight-related greenhouse gas emissions for all participants and transported cargo by using sustainable aviation fuel (SAF) for their flights during the meeting. This initiative aims to highlight the importance and impact of effective SAF utilization for the aviation industry’s net-zero goals and set an example for future industry events.
Overall, Pegasus Airlines achieved strong financial performance in 2022, becoming the world’s most operationally profitable airline, and continues to focus on sustainable growth, digital transformation, and social responsibility in its future.
