The net profit of Qatar Airways Group soared to an all-time high during the 2023-24 financial year, reaching QAR6.1 billion ($1.7 billion), a 39% increase compared to the year prior. The results were a testament to the aviation sector’s recovery from the impact of the Covid-19 pandemic.
The outstanding growth was driven by a 6% increase in revenues, amounting to QR81 billion ($22.2 billion), working out to an increase of a whopping QAR4.7 billion ($1.3 billion). This rise in revenues contributed to an EBITDA margin of 24% year-on-year (YoY) or QAR19.1 billion (US$5.2 billion), an increase of QAR1.2 billion (US$0.3 billion) compared to 2022.
The airline reported having carried over 40 million passengers during the period–an increase of 26% compared to the previous 12 months. As a result, passenger revenue increased by 19% with a capacity increase of 21%.
“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,” said HE Engr. Saad Bin Sharida Al-Kaabi, Qatar Minister of State for Energy and Qatar Airways Group Chairman.
Qatar Airways Group Chief Executive Officer, Engr. Badr Mohammed Al-Meer, added: “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.”
Qatar Airways Cargo maintained its position as the world’s leading air cargo carrier, forging ahead with a strategic focus on digitalisation, sustainability and growth contributing towards an increase in Cargo’s market share to 7.1% in 2023/24, up by 0.04 % YoY.
Qatar Airways’ network grew to more than 170 destinations in 2023/24, adding Al Ula, Neom and Tabuk, in Saudi Arabia; Lyon and Toulouse, France; Medan, Indonesia; and Trabzon, Turkey throughout the year. This is in addition to the resumption of operations to 14 destinations, including Bahrain, Ras Al Khaimah, UAE; and Yanbu, Saudi Arabia.
