Qatar Airways Group has reported the strongest financial performance in its 27-year history, announcing a record nett profit of US$1,7 billion (R31,4bn) in its annual report for the 2023/24 financial year.
The Group reported total revenue of US$22,2 billion (R410,3bn), representing an increase of US$1,3 billion (R24bn) – up 6% from last year.
It generated a stronger Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) margin of 24% at US$5,2 billion (R96bn) in 2023/24, around US$300 million (R5,5bn) higher than the previous year.
More than 40 million passengers were carried during the 2023/24 fiscal, an increase of 26% over the previous year. Passenger revenue increased by 19%, with a capacity increase of 21% driven by the airline’s highest-ever load factor of 83%.
Qatar Airways’ loyalty programme Privilege Club also yielded significant results during 2023/24, with membership increasing by more than 26%.
Qatar Airways Group CEO, Badr Mohammed Al-Meer, said: “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.”
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 during the year.
This was in addition to the resumption of operations to 14 destinations, including 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.
