Qatar Airways Group has posted a net profit of QAR 6.1 billion ($1.7 billion) for the 2023-24 fiscal year, it announced on Tuesday.
The group said, following the release of its annual report for the fiscal year 2023-2024, that the annual profits achieved were 39% higher compared to last year, and reflect the best financial performance for Qatar Airways in its 27-year history.
Revenues
Qatar Airways explained that the group’s total revenues during the same period amounted to 81 billion riyals ($22.2 billion), achieving an increase of 4.7 billion riyals ($1.3 billion) or 6% compared to last year.
She pointed out that the group achieved a margin of profits before interest, tax, depreciation and rent of 24%, or 19.1 billion riyals ($5.2 billion), a value higher than last year by 1.2 billion riyals ($0.3 billion).
She added that the results reflected this well-established group related to improving the customer experience, innovation, adopting digitalization and sustainability, which led to enhancing the efficiency of operational processes at all levels.
She stressed that all these factors contributed to establishing solid foundations to ensure a prosperous future for the group, as the national carrier of the State of Qatar provided its distinguished services to more than 40 million passengers during the fiscal year 2023-2024, an increase of 26% compared to the previous year.
Passenger revenues increased by 19%, with a 21% increase in capacity, as a result of an increase in seat occupancy to 83%, which is the highest in the history of the Qatari carrier, which led to an increase in its market share.
“Qatar Airways Group’s impressive annual performance demonstrates its resilience and flexibility in navigating the ever-evolving and changing global travel landscape with efficiency and success. This strong performance also demonstrates the Group’s sustainable recovery from the challenges faced by the global aviation sector in recent years,” said His Excellency Saad Sherida Al-Kaabi, Minister of State for Energy Affairs and Chairman of Qatar Airways Group.
For his part, Qatar Airways Group Chief Executive Officer, Eng. Badr Mohammed Al Meer, said: “These impressive financial results are a clear and evident indication of the Group’s ambition and its clear and firm direction towards development and prosperity throughout the fiscal year 2023-2024.”
“The group has relied on achieving profits, developing operational efficiency and enhancing the customer experience, by adopting a strategy that focuses on developing its global network of destinations and enhancing its fleet, which led to achieving the highest revenue and profit margin in the history of Qatar Airways. From this standpoint, we have succeeded in consolidating our global position as a leading airline that tops the list of preferred airlines for millions of passengers from around the world,” he added.
Al Meer explained that the credit for this achievement goes to the efforts and endeavors of all employees of the Qatar Airways Group who worked with dedication to achieve these impressive results that will pave the way for achieving more unprecedented successes in the future.
Qatar Airways Cargo
It is noteworthy that Qatar Airways Cargo recorded a growth in its market value by 7.1% in the year 2023-2024, an increase of 0.04% on an annual basis.
As the world’s only private jet company wholly owned and operated by a commercial airline, Qatar Executive has continued to deliver strong performance in a highly competitive market.
It achieved growth for the fiscal year 2023-2024, which was evident in the remarkable increase in commercial sales revenues by more than 17%, and total flight hours by more than 21%, indicating strong growth in its customer base, especially in Europe, the United States and Asia.
During the fiscal year 2023-2024, Qatar Airways’ global network of destinations grew to more than 170 destinations around the world, through the launch of new destinations, and Qatar Airways resumed its flights to 14 destinations.
