On Wednesday, the board of Turkish Airlines informed investors through a brief announcement that it would sell its shares in the Albanian airline, Air Albania.
"Our board of directors has decided to sell all shares in Air Albania SHPK, where our company owns a 49% stake," Turkish Airlines said in a statement, adding that any material developments related to this decision would be shared with investors.
Air Albania was founded with the help of Turkish President Recep Tayyip Erdoğan in 2018, with investors Turkish Airlines, MDN Investments and Albcontrol. Turkish Airlines owns 49% of the shares, MDN Investments 41% and Albcontrol 10%. Albcontrol is an Albanian state-owned company, while MDN Investments is controlled by Vlora businessman Sinan Idrizi and his daughters.
According to Turkish Airlines' 9-month consolidated financial report for 2025, Air Albania has accumulated around $50 million in outstanding debts to the parent company. The report states that in 2025, the Turkish company had around $41 million in short-term trade receivables from Air Albania and $12 million in long-term receivables.
In comparison, Air Albania's revenues were around $2 million, while losses reached $3 million in the first 9 months of 2025.
According to the consolidated statements for the period up to 30 September 2025, Air Albania is in a fragile financial situation, closely dependent on the support of Turkish Airlines. The Albanian airline continues to be capital negative and since 2019 its losses are no longer reflected in the balance sheet of Turkish Airlines, as they exceed the group's share in the joint venture.
Meanwhile, Air Albania's liabilities to Turkish Airlines – including short-term receivables, long-term receivables and other trade payables – remain high, bringing total financial exposure to over $50 million.
Air Albania generates very little revenue for Turkish Airlines and does not report a profit, signaling an operating model that relies on the financing and infrastructure of its Turkish partner, while it itself is placed on weak financial foundations and with uncertain prospects for long-term sustainability.
Despite huge financial losses, for years Air Albania has subsidized the use of an Airbus-319 aircraft, VIP configuration, by Prime Minister Edi Rama, based on a framework agreement. The use of this aircraft by the Prime Minister and the costs of its operation have been a source of accusations by the opposition led by the Democratic Party, which has requested the establishment of a parliamentary commission. The DP's request was rejected by the majority.
Before the sale of Air Albania shares, through an agreement signed on October 20 in Ankara, the Turkish company has decided to donate to the Albanian Armed Forces the Airbus 319 aircraft previously used by the Albanian Prime Minister.
This aircraft, although 26 years old, has, according to the agreement, a value of 11.9 million euros and will be transferred to the Albanian Armed Forces./Reporter.al
