Pegasus Airlines

#3465

Rank

$2.67B

MarketCap TR

TR Turkey

Country

Summary
Pegasus Hava Tasimaciligi Anonim Sirketi, together with its subsidiaries, offers airline services. It provides high-frequency services on short- and medium-haul, point-to-point, and transit routes on its domestic and international network. The company also offers charter flight services, as well as cargo and simulated flight training services. As of March 31, 2022, it provided scheduled passenger services on 36 domestic routes in Turkey, as well as 88 international routes to European, CIS, and the Middle Eastern and African destinations serving a flight network covering 124 destinations in 47 different countries, as well as operated a fleet of 91 aircraft. The company was founded in 1990 and is headquartered in Istanbul, Turkey. Pegasus Hava Tasimaciligi Anonim Sirketi operates as a subsidiary of Esas Holding A.S.

History

On 1 December 1989, two businesses, Net and Silkar, partnered with Aer Lingus to create an inclusive tour charter airline called Pegasus Airlines and services were inaugurated on 15 April 1990 with two Boeing 737-400s. In Greek mythology, Pegasus was a winged horse sired by Poseidon, in his role as horse-god, and foaled by the Gorgon Medusa. However, four months after the launch, Iraq invaded Kuwait and the seven-month occupation that followed had a serious effect on Turkish tourism. By 1992, tourists began returning to the country and Pegasus grew with the acquisition of a third 737-400. The airline leased a further two Airbus A320s to meet the summer demand.After two positive years, Aer Lingus and Net sold their shares in the company in 1994 to Istanbul-based Yap? Kredi bank, making Pegasus a purely Turkish company.On 4 September 1997, Pegasus placed an order for one 737-400 and one 737-800 from Boeing Commercial Airplanes, making it the first Turkish carrier to place an order for the Boeing 737 Next Generation. The airline also signed lease agreements for a further 10 737-800s from the ILFC.In January 2005, ESAS Holdings purchased Pegasus Airlines and placed Ali Sabanci as the chairman. Two months later, he changed the airline from a charter airline to a low-cost airline. In November 2005, Pegasus placed an order for 12 new 737-800s from Boeing, which was backed up with an order for a further 12 737-800s in November 2008. The latter order had flexibility, as the orders could be changed to the 149-seat 737-700 or the 215-seat 737-900 depending on market demand. In 2018, Pegasus tried to acquire an A380 but later cancelled the order.In 2007, Pegasus had reached a domestic market share of 15%, which grew to 27% in 2013. In 2019, it carried a total of 29.87 million passengers.

In November 2011, Air Berlin and Pegasus Airlines launched Air Berlin Turkey, which was aimed at the charter market between Germany and Turkey. The new airline however was absorbed into Pegasus Airlines on 31 March 2013.In 2012, Pegasus Airlines, the second-largest airline in Turkey, signed for up to 100 A320neo Family aircraft , of which 75 were firm orders. Pegasus became a new Airbus customer and the first Turkish airline to order the A320neo. This was the largest single commercial aircraft order ever placed by an airline in Turkey at that time and was announced on 18 December 2012 at a ceremony attended by Binali Y?ld?r?m, the Turkish Minister of Transport. In June 2012, Pegasus Airlines bought 49% of the Kyrgyz air company Air Manas. On 22 March 2013, the air company operated its first flight under the brand name Pegasus Asia.The company offered 34.5% of its shares of stock to the public. The shares began to be traded at the Borsa Istanbul as B?ST: PGSUS on 26 April 2013.

In October 2016, Pegasus Airlines announced it was offering three of its aircraft on the ACMI and leasing markets, stating severely decreasing passenger numbers.


Mission
Our mission is to be the market leader in the Turkish aviation industry by providing a safe, cost-efficient and enjoyable air passenger experience, while continuing to increase our standards of quality and expanding our route network.

Vision
Our vision is to become one of the most successful and highly respected airlines in the world by setting industry standards for on-time performance, customer service and comfortable travel.

Key Team

Nasuh Nazif Çetin (Chief Operations Officer)

Baris Findik (Chief Information Technologies Officer)

Ali Uzun (Head of Legal & Corp. Secretariat and Gen. Counsel)

Emre Pekesen (Vice-Pres of Sale)

Mr. Ömer L. Ömerbas (Investor Relations Mang.)

Mr. Ahmet Bagdat (Director of Marketing & E-commerce)

Dilara Ogur (Chief HR Officer)


Recognition and Awards
Pegasus Airlines is a four-time recipient of the TripAdvisor Travellers' Choice award for airlines. The company was also voted the best low-cost airline in Europe four years in a row from 2012-2015.

References
Pegasus Airlines
Leadership team

Ms. Güliz Öztürk (Chief Exec. Officer)

Mr. Mehmet Tevfik Nane (Pres, GM & Vice-Chairman (Managing Director))

Mr. Barbaros Kubatoglu (Sr. VP of Fin. & CFO)

Products/ Services
Aerospace
Number of Employees
1,000 - 20,000
Headquarters
Istanbul, Istanbul, Turkey
Established
1990
Net Income
100M - 500M
Revenue
Above - 1B
Traded as
PGSUS.IS
Social Media
Mon Feb 26 2024
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