Qatar Airways Group celebrates a record-breaking net profit of QAR6.1 billion ($1.7 Billion) for the 2023/24 financial year.
The Group reports the strongest financial performance in its 27-year history, with a total revenue of QAR81 billion (US$22.2 billion) and annual profits 39 per cent higher than the previous year. Total revenue increased by QAR4.7 billion (US$1.3 billion) – up six per cent, marking a significant improvement in the Group’s EBITDA, which grew by QAR1.2 billion (US$0.3 billion)
Qatar Airways passenger loads also surged to more than 40 million – an increase of 26 per cent over last year, as the airline continues to rebound from the recent challenges facing the global travel industry
Doha, Qatar – Qatar Airways Group has today reported the strongest financial performance in its 27-year history, announcing record profits of QAR6.1 billion (US$1.7 billion) in its Annual Report for the 2023/24 financial year.
The multiple award-winning airline group reported historic net profits of QAR6.1 billion (US$1.7 billion) during the 2023/24 fiscal, with a total revenue of QAR81 billion (US$22.2 billion), representing 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 per cent at QAR19.1 billion (US$5.2 billion), around QAR1.2 billion (US$0.3 billion) higher than the previous year, reflecting the business’s continued focus on customer experience, innovation, digitalization and sustainability, resulting in streamlined, agile and fit-for-purpose operations across all areas.
This has created a strong platform for the future of the Group’s airline business which carried more than 40 million passengers during the 2023/24 fiscal, an increase of 26 per cent over the previous year.
As a result, passenger revenue increased by 19 per cent, with a capacity increase of 21 per cent driven by the airline’s highest-ever load factor of 83 per cent, offering a sustainable upsurge in market share.
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 program 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 endeavor 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.”
As it celebrates its milestone 20th year of operation in 2024, Qatar Airways Cargo maintained its position as the world’s leading air cargo carrier, forging ahead with a strategic focus on digitalization, sustainability and growth contributing towards an increase in Cargo’s market share to 7.1 per cent in 2023/24, up by 0.04 per cent compared to previous financial year.
Qatar Executive (QE) has continued to deliver a solid business performance in a highly competitive market operating as the only business jet brand owned and fully integrated with a commercial airline. With consistent growth over the 2023/24 fiscal year, QE saw an increase in commercial charter revenue of more than 17 per cent, with a rise in flying hours of over 21 per cent illustrating its strong customer growth, particularly in Europe, the US and Asia.
“Our investment in Qatar Airways’ loyalty program Privilege Club yielded significant results during 2023/24, with membership increasing by more than 26 per cent. Member engagement also reached record levels with Avios collection growing at over 50 per cent, while Avios spend has grown by 75 per cent, in a year that witnessed the launch of key partnerships in India, Saudi Arabia and Kuwait, in addition to the exciting new products in our home market.”
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, Bahrain; Birmingham, UK; Beijing, Chengdu and Chongqing, China; Davao, Philippines; Tokyo Haneda and Osaka, Japan; Marrakesh, Morocco; Nice, France; Penang, Malaysia; Phnom Penh, Cambodia, Ras Al Khaimah, UAE; and Yanbu, Saudi Arabia.
The Group’s Commercial team played an instrumental role in bolstering our competitive position, innovating to exceed customer demand, growing revenue and market share, and ensuring the Qatar Airways Group name is synonymous with excellence – evident through airline being awarded the ‘Best Airline in the Middle East’ at the 2023 World Airline Awards managed by Skytrax.
As part of the Group’s ongoing strategic approach to building deeper, more meaningful relationships with global audiences, the brand also solidified its leadership position in the social media landscape during 2023/24. As a result, the Group is now the world’s number one airline across social channels – with more than 47 million combined followers, and is the number one followed airline in the world on Facebook, YouTube and TikTok.
Qatar Airways Group also made significant strides in expanding its global sponsorship portfolio during 2023/24. Major highlights include the Group’s inaugural partnership as the Global Airline Partner of Formula 1®; becoming Official Global Airline Partner of top tier Italian football team, FC Internazionale Milano (Inter); renewing its existing partnership with FIFA until 2030; partnering with the Royal Challengers Bangalore (RCB) cricket team in the Indian Premier League (IPL) and the Group’s role as Official Strategic Partner for Expo 2023 Doha, which significantly raised the global profile of this landmark event on the global stage.