Qatar Airways has posted an annual profit of US$ 1.7 billion for the financial year 2023/2024, the highest in 27 years, and 39 per cent higher than the previous year
The total revenue increased increased by six per cent (US$ 1.3 billion) to US$ 22.2 billion.Passenger loads also surged to more than 40 million, an increase of 26 per cent over last year. As a result, passenger revenue increased by 19 per centThe Group generated a strong EBITDA margin of 24 per cent at US$ 5.2 billion, around US$ 0.3 billion higher than the previous year.“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,” Minister of State for Energy and Qatar Airways Group Chairman, His Excellency Engr. Saad Bin Sharida Al-Kaabi, said.
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.
In March the carrier put its entire fleet of A350 jetliners back into service, a year after settling a dispute with European plane maker Airbus over flaking paint.
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.
It marks a turnaround for the group, whose net profit fell 21.4 per cent in 2022-2023 despite flying more passengers as the country hosted the Fifa World Cup.
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