Qatar Airways Group Celebrates Record Net Profit of QAR6.1 Billion for 2023/24 Financial Year

ByTravelling For Business

July 2, 2024
Qatar Airways Group celebrates a record-breaking net profit of QAR6.1 billion (US$1.7 billion) for 2023/24, driven by strategic growth and passenger increases. Discover their milestones and achievements.

Qatar Airways Group has reported its strongest financial performance in its 27-year history, announcing record net profits of QAR6.1 billion (US$1.7 billion) for the 2023/24 financial year.

The airline achieved a total revenue of QAR81 billion (US$22.2 billion), marking a 6% increase over the previous year.

The group’s EBITDA margin reached 24%, totalling QAR19.1 billion (US$5.2 billion), reflecting the company’s focus on customer experience, innovation, digitalisation, and sustainability. This foundation has enabled the airline to carry over 40 million passengers during the fiscal year, a 26% increase from the previous year. The passenger revenue also saw a 19% rise, supported by a 21% increase in capacity and a record load factor of 83%.

His Excellency Engr. Saad Bin Sharida Al-Kaabi, Minister of State for Energy and Qatar Airways Group Chairman, praised the airline’s performance, stating, “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.”

Group CEO, Engr. Badr Mohammed Al-Meer, attributed the success to strategic network growth and fleet expansion, saying, “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 resulted in the highest revenues and profit margins in the history of the airline.”

As Qatar Airways marks its 20th year of operation in 2024, Qatar Airways Cargo maintained its leading position, increasing its market share to 7.1%. Qatar Executive, the Group’s business jet brand, saw significant growth with a 17% rise in commercial charter revenue and a 21% increase in flying hours, particularly in Europe, the US, and Asia.

The Privilege Club loyalty programme also experienced growth, with membership increasing by 26%, Avios collection growing by over 50%, and Avios spend rising by 75%. The network expanded to over 170 destinations, adding new locations such as Al Ula, Neom, and Tabuk in Saudi Arabia; Lyon and Toulouse in France; Medan in Indonesia; and Trabzon in Turkey. Additionally, operations resumed to 14 destinations, including Tokyo Haneda, Marrakesh, and Birmingham.

The Group’s commercial strategy and customer focus were recognised with the ‘Best Airline in the Middle East’ award at the 2023 World Airline Awards by Skytrax. Qatar Airways also became the world’s number one airline across social media channels, with over 47 million followers.

In 2023/24, Qatar Airways expanded its global sponsorship portfolio, partnering with Formula 1, FC Internazionale Milano, FIFA, Royal Challengers Bangalore in the IPL, and serving as Official Strategic Partner for Expo 2023 Doha.