Türkiye's national carrier Turkish Airlines (THY) retained its position as the country's most valuable brand in 2024, according to a statement from Brand Finance, the world’s leading brand valuation consultancy on Wednesday.
With a $1.985 billion valuation, the company stood at the forefront, leaving behind major lenders, top appliance makers, the country's food and fashion retailers, as well as the companies operating in the automotive sector, the report showed.
The national flag carrier's brand value slipped slightly from $2 billion in 2023.
Major Turkish appliance makers Arçelik and Vestel followed the air carrier with values of $1.265 billion and $917 million, respectively.
Private lender Işbank overtook financial service company Garanti BBVA as its brand value rose to $859 million this year from $736 million last year and ranked fourth.
Garanti BBVA ranked fifth despite raising its brand value from $767 million in 2023 to $831 million in 2024.
Automaker Ford Otosan ($816 million), state lender Ziraat Bank ($665 million), private lender Yapı Kredi ($596 million), fashion retailer LC Waikiki ($542 million) and private lender Akbank ($532) rounded out the top 10 on the list.
Commenting on the results in a separate statement, Turkish Airlines Chairperson Ahmet Bolat said retaining its first place among the most valuable brands in this year’s rankings "motivates the entire Turkish Airlines family for greater success."
"We will continue to increase our contribution to Türkiye, our economy, our employment and all sectors in which we are stakeholders," Bolat added.
Having calculated the financial worth of brands for over 20 years, Brand Finance now evaluates 5,000 brands every year.
The report evaluating Türkiye's most valuable brands in 2024 also revealed the nation's first electric carmaker Togg entered the list of the top 20 brands within the country with a valuation calculated at $182 million.
Other firms that for the first time found their spot on the list, which over the years got extended to cover 125 brands compared to 100 at the start of publishing in 2007 involve the lender Kuveyt Türk, carrier Sunexpress, flour producer Söke Un, fintech firm Papara, ceramics pioneer Kale Seramik and travel services provider Setur, among others.
Founded in 1933 with a fleet of five aircraft, Turkish Airlines currently boasts a fleet of 456 (passenger and cargo) aircraft flying to 346 worldwide destinations, including 293 international and 53 domestic.
The airline is projected to continue expanding its fleet in upcoming years, on the back of a major order with Airbus, involving over 200 aircraft, announced late last year.