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Turkish Airlines posts record profit of more than USD 1 billion  

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Due to the increasing demand and unit revenues, Turkish Airlines posted profit from main operations of USD 1 billion 149 million, in the first 9 months of 2018, despite the increasing fuel prices.

Turkish Airlines, managed to increase both passenger and cargo revenue significantly, achieved a total revenue of approximately USD 4 billion in the third quarter of the year.

With such remarkable performance, sales revenue in the first nine months increased by 20 percent to USD 9.9 billion, compared to the same period of 2017.

Continuing its uninterrupted profitable growth performance, Turkish Airlines managed to increase its net profit by 3 times in the first 9 months of the year and completed this period with a net profit of USD 755 million.

In the first nine months of 2018, EBITDAR (earnings before interest, taxes, depreciation, amortization and rent), which is used as a cash generation indicator, increased by 16 percent to USD 2.8 billion, with an EBITDAR margin of 28 percent.

Commenting on this brilliant success, Turkish Airlines Chairman of the Board and the Executive Committee, M. İlker Aycı said; “We are delighted and proud to announce our third quarter results of this year, in which we put great emphasis on strengthening and improving the infrastructure conditions we have. We would like to thank all our passengers, employees, business partners and stakeholders who have contributed to this important achievement.”

“Despite the various regional and sectoral conditions that we have encountered especially in last few years, the persevering attitude we displayed has been the source of our steady rise. Today, with our significant investments, impressive growth figures and numerous successes we achieved, we continue to strengthen our prestigious position in the global aviation industry. As being one of the primary prides of our country, we are sure that this momentum will continue increasingly after moving to our new home, Istanbul Airport, as well.”

Turkish Airlines, which has strengthened its identity as a leading global airline with its extensive flight network, is operating flights to 49 domestic and 255 international destinations, a total of 304 destinations in 122 countries, along with Freetown, Samarkand, Krasnodar and Moroni routes which were opened this year. The fleet of Turkish Airlines, one of the youngest and most modern in the world, operates a total of 329 aircraft, comprising 217 narrow body, 92 wide body and 20 cargo aircraft, as of today. Investing in the most advanced and environmentally friendly new generation aircraft, Turkish Airlines aims to reach a fleet of 475 aircraft by 2023.

Looking at traffic numbers, during the first nine months of the year, total Load Factor climbed 3,2 percentage points to 82 percent. During the same period, increase in total number of passengers carried, capacity (available seat kilometer) and demand (revenue per kilometer) was 12 percent, 6 percent and 10,3 percent, respectively, over the same period of last year. Turkish Airlines carried approximately 58 million passengers during this period.

According to International Air Transport Association (IATA) first nine month figures, the global aviation sector realized capacity growth of 6 percent and demand growth of 7 percent.

Turkish Cargo, which is the world’s fastest-growing air cargo carrier, with the cargo volume it carries, new flight destinations and cargo aircraft added to its fleet, continues to maintain the services it provides to its customers in 122 countries, with Turkish Airlines quality and to increase its market share in the global air cargo market.

Having completed the nine-month period of 2018 with great success, Turkish Cargo carried more than 1 million tons of cargo with an increase of 25 percent compared to the same period of the previous year, while cargo revenue increased by 29 percent and reached to USD 1.2 billion. Turkish Cargo continues its operations with the target of being one of the largest air cargo carriers in the world.

Opening for operations on the 95th Anniversary of the Foundation of the Republic of Turkey, Istanbul Airport, will witness one of the most important milestones of Turkey’s Aviation Industry and Turkish Airlines as well. The growth of Turkish Airlines will accelerate with Istanbul Airport, which will bring a fresh momentum to the entire aviation sector. With this major investment, Turkish Airlines will continue its growth path towards becoming the leader of the global aviation sector, by maximizing its passenger experience.

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Gov. Mbah and the Rebirth of Hotel Presidential

By Nnamani Arinze Darlington

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Hotel Presidential relaunch

Enugu’s renaissance is oscillating through the entire space of Nigeria, led by a man whose audacious governance and humongous vision is breathing new life into the legacy of the late Dr. Michael Iheonukara Okpara, the iconic Premier of Eastern Nigeria.

Governor Peter Ndubuisi Mbah, a maritime lawyer and a towering entrepreneur turned transformative leader, is not just governing, he is rekindling a golden era, breathing Okpara’s spirit into the entire Enugu to catapult the state into a future defined by innovation, prosperity, and pride.

This is not just leadership; it is a renaissance, deliberate and electrifying, that dares to dream as big, if not bigger, than its storied predecessor.

At 39, Michael Okpara took the reins of Eastern Nigeria in 1959, deploying his philosophy of “Pragmatic Socialism” to transform the region into an economic titan. His agricultural revolution, anchored by institutions like Adapalm, turned Eastern Nigeria into a global palm oil powerhouse, fueling monumental projects like Okpara’s industrial ventures, Golden Guinea Breweries, and the Ceramics Industry in Umuahia, which sparked self-reliance, while his investments in education and infrastructure laid a foundation for enduring prosperity.

The parallels between Mbah and Okpara are impossible to ignore. Both are architects of self-reliance – Okpara through agriculture; Mbah through a diversified economic engine. Okpara’s educational revolution and Mbah’s Smart Schools both treat education as the spark for progress. Both have led by action, not noise, earning praise for their quiet yet seismic impact.

The rebirth of Hotel Presidential in Enugu, Nigeria, under Governor Peter Mbah’s administration after over 15 years of abandonment and neglect, is a notable example of revitalizing state-owned assets to boost tourism, economic growth, and job creation for the overriding public interest of the people of Enugu State.

Built by Dr. Michael Okpara and commissioned in 1963, Hotel Presidential was a prestigious landmark in Enugu, originally featuring 100 rooms and hosting significant events in its early years. It served as a hub for social and economic activities in the region. The hotel fell into disrepair over the years, lying comatose for over 15 years due to neglect and mismanagement, becoming a symbol of lost potential.

Since taking office, Governor Peter Mbah has prioritized the restoration of moribund state-owned assets, with Hotel Presidential being a flagship project, along with similar significant rebirth across abandoned assets like UPPL, Sunrise Flour Mills, Nigergas, the International Conference Centre, and a host of others geared towards transforming Enugu into a premier destination for business, investment, tourism, and living.

The revitalization aligns with Governor Mbah’s broader economic goals, including achieving a $30 billion economy for Enugu State. The revamp of Hotel Presidential will create hundreds of jobs and enhance tourism infrastructure in the state, while also making Enugu the Conferencing Capital of Africa.

Mbah’s governance is a “dramatic departure” from the status quo, pulsating with the revolutionary fervor of Okpara’s era.

The hotel’s rebirth is part of a larger portfolio of over 2,000 ongoing and completed projects under Mbah, including smart schools, healthcare centres, farm estates, and various urban and rural road construction.

Peter Mbah is not just walking in Okpara’s footsteps; he is sprinting, adapting a historic vision to a modern canvas. Through relentless infrastructure, education, security, and economic innovation, he is forging Enugu into a beacon of what Nigeria can be. Okpara’s legacy is a towering milestone, but Mbah’s Enugu is a living testament to its enduring fire. The road ahead is fraught with Nigeria’s tangled challenges: economic volatility, political noise, systemic hurdles, and bureaucracy.

Yet, Mbah’s momentum has consciously shown that he is not just reviving Okpara’s dream but redefining it, proving that visionary leadership can turn the past’s promise into the future’s triumph. Enugu is rising, and the world is watching the rebirth of Michael Iheonukara Okpara’s spirit in Governor Peter Ndubuisi Mbah through his visionary leadership and actions that are intentional and connecting the dots for economic and social prosperity for ndi Enugu.

Governor Peter Ndubuisi Mbah’s leadership embodies the spirit of Michael Okpara’s vision in a modern context. Through infrastructure, education, security, and economic innovation, Mbah is transforming Enugu into a beacon of progress, much as Okpara did for Eastern Nigeria. While Okpara’s legacy is a historical milestone, Mbah’s ongoing efforts show he is on a path to leave a similar mark. He will fully realize Okpara’s “rebirth” from the already sustained momentum and focus to overcome Nigeria’s complex challenges. For now, Mbah’s Enugu is a testament to the enduring power of visionary leadership, proving that the past can inspire a brighter future.

Under Governor Peter Mbah’s leadership, the rebirth of Hotel Presidential symbolizes Enugu’s resurgence as a hub for tourism and economic activity. Reiterating the words of the Enugu State Commissioner for Culture and Tourism, Ugochi Madueke, while extolling Mbah’s leadership at the commissioning ceremony, she said: “The silence has been broken; the lights are on never to dim again; the doors are open never to shut again; and the spirit of Enugu is back, stronger and brighter than ever.”

…. Nnamani Arinze Darlington writes from Enugu

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Excitements in Enugu as Gov Mbah Unveils Reconstructed Hotel Presidential

…Extols Dr. Okpara’s Vision, reports ORJI ISRAEL

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Gov Mbah Unveils Reconstructed Hotel Presidential

Governor of Enugu State, Dr. Peter Mbah, has unveiled the reconstructed Hotel Presidential established by the administration of former premier of the defunct Eastern Region, Dr. Michael Okpara, describing the revival of the 62-year old edifice as “a homecoming for history.”

Mbah, who performed the unveiling in Enugu on Thursday, extolled the foresightedness of the former premier, regretted that the monument of pride had rotted away for the past 15 years, explaining that Hotel Presidential’s revival was in line with his campaign promise to recover Enugu’s moribund assets and also grow the state’s economy sevenfold.

“Sixty-two years ago, our forebears under the visionary leadership of Dr. Michael Okpara built this landmark as a symbol of Eastern Region’s resilience, elegance and enterprise.

“Over the decades, time and neglect dimmed that light. For about 15 years, this glorious edifice stood as an affront to our pride, as something contrary to what we represent.

“We came into office with a strong pledge: to recover what belongs to our people, convert dormant assets into productive assets; turn liabilities into engines of growth.

“That is why this unveiling is more than opening the doors of a hotel; it is the reopening of Enugu’s confidence. It is a tangible sign that when we say Enugu is open for business, we mean business.

“This hotel is a strategic enabler of our growth plan, comprising the ambitious target to grow Enugu’s economy seven-fold to at least $30 billion and to achieve a zero percent poverty headcount rate,” he said.

He assued that the standards for the hotel’s revamp were truly world-class, because the administration “insisted on this so that when Enugu says ‘welcome’ to its investors, our hospitality infrastructure speaks with the same credibility as our policies.”

“Our hospitality ecosystem today is simply inspiring: the 5,000-seat International Conference Centre (ICC) now anchors Enugu’s conferencing ambitions; the adjacent 5-star, 345-room ICC Hotel under construction will deliver premium “keys” for large events; Enugu Air, which has given wings to our dreams and announced the scale of our vision to the world; And now, the renewed Hotel Presidential adds a full-service icon back into the mix.

“None of this is a whimsical project; they are connecting dots on a large canvas. These assets are crucial to our aim to welcome up to three million annual tourist visits and to make Enugu the Conferencing Capital of Africa.

“The economic value is already visible. This hotel alone supports hundreds of direct jobs, culinary and events teams, engineering, landscaping, suppliers, and several other opportunities.

Gov Mbah Unveils Reconstructed Hotel Presidential
The Governor inspects one of the hotel’s suites

“Every conference day books our taxis and CNG buses; every visiting family discovers our art, our music, our cuisine, and our warmth.

“And the signal to investors is even bigger: when government shows it can recover assets, fix the fundamentals, and protect investments, private capital follows. That is why you see momentum across other moribund assets like UPPL, Sunrise Flour Mill, Nigergas; International Conference Centre, and a host of others,” he added.

He thanked the managers and concessionaire of the reconstructed hotel, Amber Hospitality, for believing in Enugu’s potential, noting that “they bring on board an enviable pedigree, earned through the efficient management of about 12 successful brands in the hospitality sector.”

He equally commended the contractors – Dilworth – for their attention to detail as well as the successive Commissioners of Works and Infrastructure and their Culture and Tourism counterpart for working to realise the project.

In her address, the Commissioner for Culture and Tourism, Dame Ugochi Madueke, while extoling Mbah’s leadership, said that “the silence has been broken; the lights are on — never to dim again; the doors are open — never to shut again; and the spirit of Enugu is back, stronger and brighter than ever.”

Former Deputy Governor of Enugu State, Dr. Sunday Onyebuchi, commended the governor for his speed in not only building new things, but also in reviving dead assets.

Gov Mbah Unveils Reconstructed Hotel Presidential
Gov Mbah Unveils Reconstructed Hotel Presidential

“Your mantra says that tomorrow is here, but you have resurrected yesterday today,” he said.

Chairman, Enugu State Traditional Rulers Council HRH Igwe Samuel Asadu, praised the governor’s work rate, having commissioned Enugu Air, five transport terminals, 100 CNG buses, the reconstructed Hotel Presidential in succession under one month.

“If you are not tired of commissioning projects, we will not be tired of coming out. We have never seen it this way. Your leadership in Enugu State is legendary and monumental. There is no vacancy in Lion Building in 2027,” he assured.

The Chairman of Enugu North LGA, Dr. Ibenaku Onoh, acclaimed the governor’s transformative leadership, assuring him of the people’s continued support.

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Nature, Wellness and Culinary Drive 2025 Travel Trends in Africa, according to Mastercard Economics Institute

New Mastercard Economics Institute Travel Trends Report 2025 reveals that purpose in the form of nature-driven travel, wellness escapes and culinary adventures, are among the top drivers of tourism across Africa, SANDRA ANI reports

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Travel Trends 2025 Purpose - driven journeys by Mastercard Economics Institute

The Mastercard Economics Institute (MEI) has released its annual Travel Trends 2025 report, revealing the latest consumer spending insights and motivation when it comes to travel.

Cross-border movement is often influenced by the most pressing economic factors of the moment, such as exchange rates and geopolitical tensions. However, these are not the only factors driving consumers’ travel spending decisions, including those in Africa. Personal and purpose-driven factors remain powerful even when economic uncertainty looms.

Building on the resilience of the global travel sector seen last year, the 2025 report highlights how destinations across the African continent are increasingly appealing to tourists and, creating additional opportunities for local markets to develop tourism.

“Africa is emerging as a global leader in purpose-driven travel, where nature, wellness, and culinary experiences are redefining the continent’s tourism landscape. These trends present a powerful opportunity to drive inclusive growth, support local economies, and position Africa as a key player in the future of global tourism,” said Mark Elliot, division president, Africa, Mastercard.

Whether drawn by Namibia’s wellness retreats, South Africa’s wilderness experiences or Morocco’s vibrant culinary scene, travelers are expanding their horizons beyond traditional hotspots.

“Tourism is playing an important role in Africa’s growth story. Travelers are increasingly drawn to the continent’s natural beauty, culinary diversity, and wellness experiences. While economic and geopolitical factors matter, the pursuit of meaningful, purpose-driven travel remains strong. The Mastercard Economics Institute’s report sheds light on how countries are tapping into this trend to attract visitors and boost local economies,” said Khatija Haque, chief economist EEMEA, Mastercard Economics Institute.

By exploring a full range of travel motivations, the report identifies the main themes shaping travel today:

Africa trends:

  • Nature-fueled adventures: South Africa and Zambia dominate cross-border spending around national park areas. Spending around South Africa’s major national parks far outpaced that of other countries, with nearly a quarter of the cross-border spending occurring within these zones. Zambia is also highly ranked as an outdoor adventure destination.
  • Culinary crossroads: Marrakech ranks highly on the foodie list with its median restaurant hosting tourists from many different countries, often to enjoy meals of tagine and b’stilla. Cape Town is also on the list, with its bobotie dish proving popular with visitors.
  • Wellness in the wild: Africa is establishing itself as a global leader in wellness-centered travel as consumers prioritize rejuvenation and self-care. Namibia, South Africa and Botswana are among the top destinations for travelers seeking spa-style and nature-based retreats and immersive eco lodges. Kenya is also ranked among the top 20 destinations for wellness In the Mastercard Wellness Index 2025.

Other global trends:

  • Spa, summit and savor: Personal passions and goals motivate travel choices. Adventure-seekers are heading to the Nordics, where Finland’s national parks account for 7.1% of cross-border spending in the country.
  • Summer destination draws: The Asia-Pacific region commands the list of trending summer destinations. Flight booking data reveals the top global destinations gaining most momentum for June-September travel, relative to last year. Tokyo is the number one trending spot for summer 2025, followed by Osaka and then Paris.
  • Fuelled by fans: Fans travel internationally to see their favorite teams and athletes play. Case in point? During Shohei Ohtani’s World Series debut, spending by Japanese visitors in Los Angeles surged by 91%, six times the broader cross-border boost. 
  • Money matters: Despite geopolitical tensions and fluctuating prices, the factors that motivate consumers to travel are often more complex than just economic. But currency depreciation can make certain destinations, like Japan, more attractive due to their better value for money.
  • Wheeling and dealing closer to home: In general, business travelers favor longer trips within their own regions, driven by hybrid work models and geopolitical uncertainty. However, there are exceptions, with UK businesses spending a growing share of their travel budgets in Asia, Europe, the Middle East and Africa.

Mastercard is dedicated to helping the global tourism sector grow through market analysis and high-frequency, data-driven insights that enhance the travel experience. By empowering destinations and businesses to better understand evolving consumer trends, Mastercard is helping to shape a more connected and resilient future for travel across Africa.

You can view the full “Travel Trends 2025: Purpose-driven journeys” and other reports and insights from the Mastercard Economics Institute can be found here.

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