Qatar Airways Group Achieves Record Profits in H1 2023/2024

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Qatar Airways records profits, Turbulence on Qatar Airways flight
Qatar Airways aircraft

Qatar Airways Group reports a staggering 113.8% surge in net profit, reaching QAR 3.736 billion (US$ 1.026 billion) for H1 2023/2024. The total revenue climbs to QAR 40.126 billion (US$ 11.019 billion), marking a notable 7.4% rise

This remarkable turnaround is fueled by strategic expansion, with passenger revenues surging by 28.5%, driven by enhanced load factors of 83.3% and a 3.6% increase in yields.

The Group’s Earnings Before Interest, Taxes, Depreciation, and Amortization margin of 26.9% for H1 2023/2024 marks a notable 4.9 percentage points improvement. Furthermore, EBITDA surpasses the previous year by QAR 2.641 million (US$ 0.725 million), showcasing a robust financial position.

The reactivation of Qatar’s A350 fleet propels an impressive 18% surge in Available Seat Kilometers (ASK). Moreover, this fosters economic benefits for the airline and its global partners.

The first six months of 2023 witnessed a 22.5% surge in passenger count to 19.078 million. Innovative partnerships within oneworld and strategic alliances in Australia, Asia, Europe, and China consequently contribute to this success. With approximately 150 aircraft on order, the commitment to fleet expansion positions Qatar Airways Group to meet escalating demand.

Amid geopolitical tensions and fuel cost concerns, Qatar Airways Group maintains a commitment to excellence. Collaborative leadership efforts, operational measures, and on-time performance underscore this commitment. CEO Akbar Al Baker expresses confidence in sustaining strong performance through H2 2023-2024, leveraging the foundation laid by the FIFA World Cup Qatar 2022â„¢.

In March, Qatar Airways unveils strategic expansions, introducing new routes and resuming services to key destinations. The successful launch prompts the airline to eye up to 10 additional destinations in 2024. Ultimately, this reinforces its commitment to sustained growth and global connectivity.

 

 

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