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Hitit has Announced its First - quarter Results for 2023

Issue 17 - 2023
Hitit  has Announced its First -  quarter Results for 2023

Hitit, Turkey's largest service exporter in airline & travel IT solutions (HTTBT), has announced its first-quarter results for 2023. According to the disclosed balance sheet, Hitit increased its revenues by 67% compared to the same period last year, reaching US$6.3 million in the first three months of this year. The number of passengers served by the airlines partnered with Hitit experienced a remarkable 64% growth, while the EBITDA margin reached 40% during this period.

Nevra Onursal Karaağaç, Hitit’s Chief Sales & Marketing Officer, stated that the company serves 65 Partners across 47 countries as of March 31, 2023. She said, "Our Partners, using Hitit's technology, exchange data with the customs and border systems of 84 countries today, operate flights to more than 700 airports, and integrate with more than 60 banks and payment systems using Hitit infrastructure."

Ms. Karaağaç stated that the most important achievement in the first quarter of 2023 was winning the tender for the Passenger Service System Master Software and Support Services Contract of Turkish Airlines' subsidiary, Anadolujet. She said, "On February 23, 2023, we signed a contract with Turkish Airlines, specifically for their subsidiary - Anadolujet, and started the necessary preparations for system integration. The contract period will be five years, starting from the completion of integration process and the commencement of utilization by the Anadolujet brand. As a local Türkiye-based technology company that has established a solid reputation in the sector, we are proud to work together with our national flag carrier, Turkish Airlines, on such a strategic project."

Ms. Karaağaç noted that international air transportation numbers are now approaching pre-Covid-19 levels, and emphasized that Hitit has intensified its sales and marketing efforts to take advantage of this upturn. She continued, "Looking at IATA's quarterly data, we see that domestic flights, in particular, have reached 98.9% of pre-Covid figures. In international flights, 88% of pre-Covid figures have been reached. The lifting of travel restrictions in China has had a significant impact on the rapid growth of the Asian market again.”

“This balances the negative effects of global rising inflation and geopolitical crises. On the other hand, Hitit's wide range of Partner segments spread across several regions can offset any possible adverse developments occuring within 1-2 regions. In addition to new contracts, 10 new airline system integration projects were completed and activated in Q1 2023 as a result of contracts signed in previous periods.” 

“Nigeria-based Air Peace, which flies to the most destinations in Africa, and Surinam Airways, Surinam’s national carrier, have also started using Hitit's PSS solutions. These two airlines will provide services to their passengers using Hitit’s technology for the next five years” 

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