Qatar Airways Soars to New Heights with Record $1.7bn Profit

Qatar Airways Group has announced its strongest financial performance in its 27-year history, with record profits of QR6.1bn ($1.7bn) in its Annual Report for the 2023/24 financial year.

Historic Net Profits and Revenue Growth

The airline group reported a total revenue of QR81bn ($22.2bn), representing an increase of QR4.7bn ($1.3bn) – up six per cent compared to last year. This historic net profit was achieved through a strong focus on customer experience, innovation, digitalisation, and sustainability.

Key Performance Indicators

• Strong EBITDA margin of 24 per cent at QR19.1bn ($5.2bn)
• 26 per cent increase in passenger numbers, with over 40m passengers carried during the 2023/24 fiscal
• 19 per cent increase in passenger revenue, with a capacity increase of 21 per cent
• Highest-ever load factor of 83 per cent, offering a sustainable upsurge in market share

Leadership Comments

Minister of State for Energy and Qatar Airways Group Chairman, His Excellency Engr. Saad Bin Sharida Al-Kaabi, stated: “This latest remarkable annual performance demonstrates Qatar Airways Group’s flexibility and resilience in successfully navigating a constantly evolving global travel industry.”

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.”

Cargo and Executive Performance

• Qatar Airways Cargo maintained its position as the world’s leading air cargo carrier, with a strategic focus on digitalisation, sustainability, and growth contributing towards an increase in Cargo’s market share to 7.1 per cent in 2023/24.
• Qatar Executive (QE) continued to deliver a solid business performance, with an increase in commercial charter revenue of more than 17 per cent and a rise in flying hours of over 21 per cent.

Loyalty Programme and Network Growth

• Privilege Club membership increased by more than 26 per cent, with record levels of member engagement and Avios collection growing at over 50 per cent.
• Qatar Airways’ network grew to more than 170 destinations in 2023/24, with the addition of new routes and resumption of operations to 14 destinations.