Hitit increased its sales revenue by 27% in the Q3 of 2024, reaching USD$ 24.3 million
Celebrating its 30th anniversary in the industry, Hitit (HTTBT) increased its sales revenue by 27% in the Q3 of 2024 compared to the same period last year, reaching USD$ 24.3 million.
As the technology partner of 75 airlines across 49 countries, the company achieved an EBITDA margin of 39%, with a net cash balance of USD$ 8 million as of September 30, 2024.
9 NOV 2024, İSTANBUL – Hitit (HTTBT), one of the world’s leading names in the field of airline and travel technologies, announced its Q3 financial results for 2024. According to the statement made to the Public Disclosure Platform (PDP), Hitit increased its sales revenue by 27% in the Q3 of 2024 compared to the same period last year, reaching USD$ 24.3 million. Hitit’s EBITDA was reported at USD$ 9.4 million, with an EBITDA margin of 39%. As one of Türkiye’s leading technology exporters, Hitit generated approximately 79% of its revenue in foreign currency during this period, with 63% of its income coming from international partners and 37% from domestic partners.
Revenue at the end of the Q3 of 2024 surpassed 2023 benchmark
Highlighting Hitit’s steady growth and strong financial structure, Sezer Tuğ Özmutlu, Hitit’s Chief Financial Officer, stated, “As of the end of the Q3 of 2024, our sales revenue increased by 27% compared to the same period last year, reaching USD$ 24.3 million. As one of Türkiye’s leading technology exporters, 79% of our sales revenue was generated in foreign currency.”
Ms. Özmutlu noted a 57% increase in the number of invoiced passengers for the January-September period compared to the same period last year, attributing this growth to both newly acquired partners and a significant increase in business volume from existing partners. She added, “In Q3 2024, the setup projects for three new partner airlines were completed, and these airlines have begun generating revenue by using the systems. Additionally, setup and new product development work is ongoing for 7 partner airlines.”
Our Partners Achieved a Sales Volume of USD $6.5 Billion with Our IT Solutions
Nevra Onursal Karaağaç, CEO of Hitit, expressed pride in being the world’s 3rd-largest and Europe’s 2nd-largest airline reservation system provider originating from Türkiye. She stated, “With the technologies we use, we offer flexible, demand-orientated solutions for the digital transformation of the airline and travel sectors and have the capability to integrate these solutions quickly. This capability gives us a significant advantage over global, established companies. Today, our partners – using Hitit’s technological infrastructure – achieved an annual sales volume of USD$ 6.5 billion. Therefore, we continue our investments without slowing down and are committed to developing innovative solutions based on artificial intelligence (AI) and machine learning.”
Our Mission: Position Türkiye as a Global Leader in Airline and Travel Technologies
Ms. Karaağaç emphasized that they operate with a mission to make Türkiye a global leader in aviation and travel technology, maintaining their investments without slowing down. She noted that, as of the end of Q3, they had invested USD$ 10.3 million in R&D, saying, “We continue to make investments that reduce costs and increase revenues.”
Ms. Karaağaç noted that in Q3 of 2024, the company celebrated its 30th anniversary at the Hitit Partner’s Event with partners from six continents. She continued, “We have service agreements with 75 partners in 49 countries. Our technology and software are used at over 750 airports. We provide our partners with a technological network that integrates with the customs and tax systems of 85 countries and more than 75 banking and payment systems.”
Ms. Karaağaç stated that Hitit has maintained its top global ranking this quarter in the Airline Retailing Maturity Index (ARMI), developed by IATA to enhance passenger satisfaction by diversifying and personalizing the travel experience. She said, “Under the Offer and Order Management System concept, our capability count in IATA’s ARMI has risen to 49. Our Crane PSS solution has also received new certifications in New Distribution Capability (NDC) v21.3, increasing its total score and widening the gap with competitors.”
