Qatar Airways has just announced its financial performance results for its financial year 2023/24 and the numbers are simply staggering in magnitude. The Doha-based carrier had the most successful year in its 27-year history, earning revenues of QAR81 billion (US$22.2 billion) resulting in profits of QAR6.1 billion (US$1.7 billion).
Total revenues for the year increased by QAR4.7 billion (US$1.3 billion), a growth of 6% over the 2022/23 financial year, and marking a significant improvement in the Group’s EBITDA (earnings before interest, tax, depreciation, and amortization) which grew by QAR1.2 billion (US$0.3 billion). This figure represents an EBITDA margin increase of 24%, with the airline earning QAR19.1 billion (US$5.2 billion), around QAR1.2 billion (US$0.3 billion) higher than the previous year,
Additionally, the multiple award-winning airline group’s net profits of QAR6.1 billion (US$1.7 billion) during the 2023/24 fiscal year are a jaw-dropping 39% higher than the previous year.
The airline reported that passenger revenues increased by 19%, with a capacity increase of 21% driven by the airline’s highest-ever load factor of 83%, which in turn led the carrier to see a “sustainable upsurge in market share.” Passengers carried during the period surged to more than 40 million – an increase of 26% over the previous year, as the airline continued its post-pandemic recovery.
The figures “reflect the business’s continued focus on customer experience, innovation, digitalization, and sustainability, resulting in streamlined, agile, and fit-for-purpose operations across all areas” said the airline in a statement. “This has created a strong platform for the future of the Group’s airline business”,” it 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,” said Qatar Airways Group Chief Executive Officer, Badr Mohammed Al-Meer.
“Our continued focus on profitability, efficiency, and customer experience has 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.”
“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,” Al-Meer added.
“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,” said Qatar Airways Group Chairman, His Excellency Engr. Saad Bin Sharida Al-Kaabi.
Network growth
Qatar Airways’ network grew to more than 170 destinations in 2023/24, adding three new destinations in Saudi Arabia (Al Ula, Neom, and Tabuk), Lyon and Toulouse in France, Medan in Indonesia, and Trabzon in Turkey during the period.
These new routes were in addition to the resumption of operations to 14 destinations, including Bahrain, Birmingham (UK), Beijing, Chengdu, 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).
According to the carrier’s statement: “The Group’s Commercial team played an instrumental role in bolstering our competitive position, innovating to exceed customer demand, growing revenue and market share, and ensuring the Qatar Airways Group name is synonymous with excellence – evident through airline being awarded the ‘Best Airline in the Middle East’ at the 2023 World Airline Awards managed by Skytrax.”
Elsewhere in the Group
On the freight side of the operation, Qatar Airways Cargo maintained its position as one of the world’s leading air cargo carriers, as the division reported an increase in market share to 7.1% in 2023/24, a modest increase of 0.04% compared to the previous financial year. Qatar Airways Cargo is currently celebrating its 20th year of operation in 2024.
Another of the Group’s companies, Qatar Executive (QE) continued to deliver a solid business performance as the only business jet brand owned and fully integrated with a commercial airline globally. With consistent growth over the 2023/24 fiscal year, QE saw an increase in commercial charter revenue of more than 17%, with a rise in hours flown of over 21% with strong growth seen particularly in Europe, the US, and Asia markets.