Qatar Airways Hits | New Profit Peak With $1.7 Billion In 2023/24

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DOHA: Qatar Airways Group on Tuesday reported the strongest financial performance in its 27-year history, announcing record profits of QAR6.1 billion ($1.7 billion) for the 2023/24 financial year driven by revenue growth, network expansion, and a focus on customer experience.

 The multiple award-winning airline group reported total revenues of QAR81 billion ($22.2 billion), representing an increase of QAR4.7 billion ($1.3 billion) – up six per cent compared to last year, the group said.

 Other Key Highlights:

• Strong Passenger Performance: Carried over 40 million passengers, a 26% increase, with a record-high load factor of 83%.

• EBITDA Margin: Achieved a robust EBITDA margin of 24% at QAR 19.1 billion ($5.2 billion).

• Network Expansion: Network grew to over 170 destinations, including new routes in Saudi Arabia, France, Indonesia, and Turkey.

• Qatar Airways Cargo: Maintained its position as the world’s leading air cargo carrier with a 7.1% market share.

• Qatar Executive: Continued its strong performance in the business jet market with a 17% increase in commercial charter revenue.

• Privilege Club: Membership increased by 26%, with significant growth in Avios collection and spending.

 The group generated a strong EBITDA margin of 24 per cent at QAR19.1 billion ($5.2 billion), around QAR1.2 billion ($0.3 billion) higher than the previous year, reflecting the business’s continued focus on customer experience, innovation, digitalisation and sustainability, resulting in streamlined, agile and fit-for-purpose operations across all areas, it said.

 The airline business carried more than 40 million passengers during the period, an increase of 26 per cent over the previous year. As a result, passenger revenue increased by 19 per cent, with a capacity increase of 21 per cent driven by the airline’s highest-ever load factor of 83 per cent, offering a sustainable upsurge in market share.

 Minister of State for Energy and Qatar Airways Group Chairman Engineer Saad Bin Sharida Al-Kaabi said: “This latest remarkable annual performance demonstrates Qatar Airways Group’s flexibility and resilience in successfully navigating a constantly evolving global travel industry, and indicates a strong and sustained rebound from the challenges faced by the sector in recent years.”

 Qatar Airways Group Chief Executive Officer Engineer Badr Mohammed Al-Meer said: “These very strong financials are a testament to the ambition and clear direction that has informed the Qatar Airways Group’s progress throughout the 2023/24 financial year.

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