Qatar Airways records profits of QAR6.1 billion (US$1.7 billion) in its Annual Report for the 2023/24 financial year. The group reported the strongest financial performance in its 27-year history.
The airline group reported historic net profits of QAR6.1 billion (US$1.7 billion) during the 2023/24 fiscal year, with a total revenue of QAR81 billion (US$22.2 billion). This represents an increase of QAR4.7 billion (US$1.3 billion), up six per cent compared to last year.
The Group generated a strong EBITDA margin of 24 percent at QAR19.1 billion (US$5.2 billion), QAR1.2 billion higher than last year. This reflects the business’s continued focus on customer experience, innovation, digitalization, and sustainability.
As a result, passenger revenue increased by 19 percent, with a capacity increase of 21 percent driven by the highest-ever load factor. The airline’s load factor reached 83 percent, offering a sustainable upsurge in market share. The Group carried over 40 million passengers during the 2023/24 fiscal year. This marks an increase of 26 percent over the previous year, showcasing strong growth.
Minister of State for Energy and Qatar Airways Group Chairman, His Excellency Engr. Saad Bin Sharida Al-Kaabi, said: “This latest remarkable annual performance demonstrates Qatar Airways Group’s flexibility and resilience. It indicates a strong and sustained rebound from the challenges faced by the sector in recent years.” Qatar Airways records profits.
Qatar Airways Group Chief Executive Officer, Engr. Badr Mohammed Al-Meer said, “These strong financials are a testament to the ambition and clear direction guiding our progress this year.” He added, “Our continued focus on profitability, efficiency, and customer experience has been underpinned by network growth and fleet expansion.” This resulted in the highest revenues and profit margins in the history of the airline.”
“Our investment in Qatar Airways’ loyalty programme Privilege Club yielded significant results during 2023/24. Membership increased by more than 26 per cent, while member engagement reached record levels. Avios collection grew over 50 per cent, and Avios spend grew by 75 per cent, reflecting our commitment to rewarding loyal customers,” added Al-Meer.
Qatar Airways’ network grew to over 170 destinations in 2023/24, adding Al Ula, Neom, and Tabuk in Saudi Arabia. They also added Lyon and Toulouse in France; Medan in Indonesia; and Trabzon in Turkey to their network. Additionally, operations resumed to 14 destinations, including Birmingham, UK; Beijing, Chengdu, and Chongqing in China. Tokyo Haneda and Osaka in Japan; and Nice in France were also part of the resumed operations.
The Group’s commercial team played an instrumental role in bolstering its competitive position. They innovated to exceed customer demand, growing revenue and market share, ensuring the Qatar Airways Group name is synonymous with excellence. The airline was awarded the ‘Best Airline in the Middle East’ at the 2023 World Airline Awards managed by Skytrax.
Qatar Airways Group also made significant strides in expanding its global sponsorship portfolio during 2023/24. Highlights include partnering as the Global Airline Partner of Formula 1®, becoming Official Global Airline Partner of FC Internazionale Milano, and renewing its partnership with FIFA until 2030.
