Tuesday, July 2, 2024
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Today, Qatar Airways Group disclosed its most successful financial outcomes in its 27-year history, revealing unprecedented profits of QAR6.1 billion (US$1.7 billion) for the 2023/24 fiscal year, according to its latest Annual Report.
The renowned airline group achieved a milestone net profit of QAR6.1 billion (US$1.7 billion) and generated QAR81 billion (US$22.2 billion) in total revenue—an increase of QAR4.7 billion (US$1.3 billion) or six percent from the previous year.
With a robust EBITDA margin of 24 percent totaling QAR19.1 billion (US$5.2 billion), up QAR1.2 billion (US$0.3 billion) from last year, the group credits its success to its emphasis on customer experience, innovation, digitalization, and sustainability. These efforts have optimized operations and established a solid foundation for the future.
Over the fiscal year, the airline transported over 40 million passengers, marking a 26 percent increase from the prior year. This surge in passengers led to a 19 percent rise in passenger revenue, supported by a record load factor of 83 percent and a capacity increase of 21 percent, enhancing the airline’s market presence.
In its 20th year, Qatar Airways Cargo continued to lead globally, focusing on digital and sustainable growth, which elevated its market share to 7.1 percent. Qatar Executive also saw significant growth, with a 17 percent increase in charter revenue and a 21 percent increase in flying hours, especially in Europe, the US, and Asia.
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 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, Engr. 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.
“Our continued focus on profitability, efficiency and customer experience have been underpinned by a strategic programme of network growth and fleet expansion, resulting in the highest revenues and profit margins in the history of the airline. We also cemented our undisputed role as a key industry leader, maintaining our position as the airline of choice for millions of passengers worldwide.
“This incredible achievement is in no small part thanks to the collective endeavour of the entire Qatar Airways Group family who have worked tirelessly to achieve such stellar results. We must now use this as a foundation on which to build our continued success.”
The airline’s Privilege Club loyalty program saw a 26 percent membership increase and record engagement, with Avios collection up over 50 percent and spending up 75 percent. This growth was fueled by new partnerships and product launches in several countries.
Qatar Airways expanded its network to over 170 destinations, adding new routes and resuming operations to 14 cities, enhancing its global reach.
The Group’s Commercial team was pivotal in strengthening Qatar Airways’ market position, resulting in the airline receiving the ‘Best Airline in the Middle East’ award at the 2023 World Airline Awards by Skytrax.
Furthermore, Qatar Airways solidified its top position in social media with over 47 million followers across platforms, leading as the most followed airline globally on Facebook, YouTube, and TikTok.
The Group also expanded its global sponsorship portfolio, including a significant partnership with Formula 1®, becoming the Official Global Airline Partner of FC Internazionale Milano, continuing its partnership with FIFA until 2030, and supporting various sports and cultural events, thereby enhancing its international visibility.
