Qatar Airways Group celebrates historic net profit of US$1.7 Billion for 2023/24
Qatar Airways celebrates strongest financial performance in its history
Qatar Airways Group has reported the strongest financial performance in its 27-year history, with historic net profits of QAR6.1 billion (US$1.7 billion) during the 2023/24 fiscal year and total revenue of QAR81 billion (US$22.2 billion) and annual profits 39 percent higher than the previous year, the July 2 press release said.
Total revenue increased by QAR4.7 billion (US$1.3 billion) an increase of six percent, marking a significant improvement in the Group’s EBITDA, which grew by QAR1.2 billion (US$0.3 billion).
Qatar Airways passenger loads also increased to more than 40 million, up 26 percent from last year, as the airline continues to rebound from the recent challenges facing the global travel industry.
Passenger revenue increased by 19 percent, with a capacity increase of 21 percent driven by the airline’s highest-ever load factor of 83 percent.
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.”
He continued, “This incredible achievement is in no small part thanks to the collective endeavour 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.”
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 percent, with a rise in flying hours of over 21 percent illustrating its strong customer growth, particularly in Europe, the US and Asia.
Qatar Airways’ network now includes 170 destinations, adding Al Ula, Neom and Tabuk, in Saudi Arabia; Lyon and Toulouse, France; Medan, Indonesia; and Trabzon, Turkey in 2023/24.
The Qatar Airways 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.
