Pegasus Airlines achieves ‘highest operational profitability’

Guliz Ozturk, CEO, Pegasus Airlines

Pegasus Airlines has become the highest operational profitability in the world, according to airline CEO Guliz Ozturk, who held a press conference last month as part of the 79th IATA General Assembly and World Air Transport Summit.

“We started 2022 operationally and financially well-prepared and became the airline with the highest operational profitability in the world with our performance. In the first quarter of 2023, we maintained our strong performance despite the hardships we experienced in Turkey. This successful performance also led to an increase in our credit rating.”

Pegasus Airlines’ long-term credit rating was upgraded from B+ to BB- by Fitch Ratings on April 14 and from B to B+ by S&P Global Ratings (S&P) on May 23, following the airline’s strong financial performance in 2022.

Assessing the year 2022, which began and continued under challenging conditions, he said: “2022 was a year in which we achieved significant success thanks to the rapid increase in travel demand, especially in the summer season.

“In line with our expectation that travel demand may pick up with strong momentum after the easing of restrictions, we kept our operational network and colleagues in all our business units ready to meet the potential demand and increased our capacity to meet the rise in demand.”