Qatar Airways Reports Record-Breaking $1.7 Billion Profit

July 4, 2024

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In an unprecedented financial achievement, Qatar Airways Group has reported a record-breaking net profit of QAR6.1 billion (US$1.7 billion) for the 2023/24 financial year, marking the most successful performance in its 27-year history. The group’s annual report highlights a total revenue surge to QAR81 billion (US$22.2 billion), reflecting a 6% increase from the previous year.

This stellar performance is a testament to Qatar Airways’ resilience and strategic direction amidst a recovering global travel industry. The airline achieved an EBITDA margin of 24%, totalling QAR19.1 billion (US$5.2 billion), which is QAR1.2 billion (US$0.3 billion) higher than the previous year. This growth is attributed to the company’s unwavering commitment to customer experience, innovation, digitalization, and sustainability.

Surging Passenger Numbers and Revenue

Qatar Airways’ passenger load dramatically increased, soaring to over 40 million passengers—a 26% rise from the previous year. This surge is a clear indicator of the airline’s robust recovery and growth post-pandemic. The airline’s passenger revenue also saw a remarkable 19% boost, driven by a capacity increase of 21% and an all-time high load factor of 83%.

His Excellency Engr. Saad Bin Sharida Al-Kaabi, Minister of State for Energy and Qatar Airways Group Chairman remarked, “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.”

Strategic Expansion and Operational Excellence

Under the leadership of Qatar Airways Group Chief Executive Officer Engr. Badr Mohammed Al-Meer, the airline, has strategically expanded its network and fleet. “Our continued focus on profitability, efficiency, and customer experience has resulted in the highest revenues and profit margins in the airline’s history,” Al-Meer said. The airline’s extensive network now includes over 170 destinations, with new additions such as Al Ula, Neom, and Tabuk in Saudi Arabia, Lyon and Toulouse in France, Medan in Indonesia, and Trabzon in Turkey.

Cargo and Executive Services

Celebrating its 20th year of operation, Qatar Airways Cargo maintained its leading position as the world’s top air cargo carrier, enhancing its market share to 7.1% in 2023/24. The cargo division’s strategic focus on digitalization and sustainability has been pivotal to its success.

Qatar Executive (QE), the airline’s business jet division, reported robust performance. QE saw a 17% increase in commercial charter revenue and a 21% rise in flying hours, especially in markets across Europe, the US, and Asia.

Loyalty Program and Digital Innovations

Qatar Airways Privilege Club loyalty program experienced significant growth, with membership increasing by over 26%. The program saw a 50% increase in Avios collection and a 75% rise in Avios spending, highlighting successful new partnerships in India, Saudi Arabia, and Kuwait.

Awards and Recognition

Qatar Airways’ excellence was further recognized at the 2023 World Airline Awards, where it was named the ‘Best Airline in the Middle East.’ The airline also solidified its leadership on social media, becoming the world’s most-followed airline across platforms like Facebook, YouTube, and TikTok, with a combined following of over 47 million.

Sponsorships and Global Partnerships

The airline expanded its global sponsorship portfolio, partnering with prestigious entities such as Formula 1®, FC Internazionale Milano (Inter), and the Royal Challengers Bangalore cricket team in the Indian Premier League. Renewing its partnership with FIFA until 2030 and serving as the Official Strategic Partner for Expo 2023 Doha further underscored Qatar Airways’ global influence and commitment to excellence.

Qatar Airways Group’s exceptional financial results and strategic achievements underscore its position as a leading force in the global aviation industry. As the airline continues to soar to new heights, it remains committed to delivering unparalleled service and innovation to passengers worldwide.