Qatar Airways Group has reported the strongest financial performance in its 27-year history, announcing record profits of QAR6.1 billion (USD1.7 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 (USD1.7 billion) during the 2023/24 fiscal, with a total revenue of QAR81 billion (USD22.2 billion), representing an increase of QAR4.7 billion (USD1.3 billion) – up 6% compared to last year.

The Group generated a strong EBITDA margin of 24% at QAR19.1 billion (USD5.2 billion), around QAR1.2 billion (USD0.3 billion) 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% the previous year.

As a result, passenger revenue increased by 19%, with a capacity increase of 21% driven by the airline’s highest-ever load factor of 83%, offering a sustainable upsurge in market share.

Minister of State for Energy and Qatar Airways Group Chairman, HE Eng 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 CEO, Engr Badr Mohammed Al-Meer, highlighted that the strong financial results reflect the ambition and clear strategy guiding the airline’s progress throughout the 2023/24 financial year. ‘Our continued focus on profitability, efficiency and customer experience have 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.

He emphasised Qatar Airways’ continued leadership in the industry and credited the collective efforts of the entire team for these outstanding achievements, viewing them as a foundation for future success. ”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 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.

See full Qatar Airways Group – Annual Report 2023-2024 here.

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