Qatar Airways Group has reported the strongest financial performance in its 27-year history, announcing record profits of QAR6.1b ($1.7b) in its annual report for the 2023/24 financial year.
The multiple award-winning airline group reported historic net profits of QAR6.1b (US$1.7b) during the 2023/24 fiscal, with a total revenue of QAR81b ($22.2b), representing an increase of QAR4.7b ($1.3b)– up six per cent compared to last year.
The group generated a strong EBITDA margin of 24 per cent at QAR19.1b ($5.2b) around QAR1.2b ($0.3b) higher than the previous year, reflecting the business’s continued focus on customer experience, innovation, digitalisation 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.
The Minister of State for Energy and Qatar Airways’ Group Chairman, 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, 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 has 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.”