DOHA- World’s best airline, Qatar Airways (QR) Group has announced its strongest financial performance in its 27-year history, reporting record profits of QAR 6.1 billion (US$1.7 billion) in its Annual Report for the 2023/24 financial year.
The award-winning airline group achieved historic net profits of QAR 6.1 billion (US$1.7 billion) and total revenue of QAR 81 billion (US$22.2 billion), a QAR 4.7 billion (US$1.3 billion) increase, representing a six percent rise compared to the previous year.
Qatar Airways Profit
The Group generated a robust EBITDA margin of 24 percent at QAR 19.1 billion (US$5.2 billion), approximately QAR 1.2 billion (US$0.3 billion) higher than the prior year. This reflects the business’s focus on customer experience, innovation, digitalization, and sustainability, leading to streamlined, agile, and fit-for-purpose operations across all areas.
This strong financial foundation has set the stage for the future of the Group’s airline business, which carried more than 40 million passengers during the 2023/24 fiscal year, marking a 26 percent increase over the previous year.
Consequently, passenger revenue increased by 19 percent, with a capacity increase of 21 percent driven by the airline’s highest-ever load factor of 83 percent, resulting in a sustainable growth in market share.
CEO Remarks
Qatar Airways Group Chief Executive Officer, Engr. Badr Mohammed Al-Meer, stated: “These exceptionally strong financials reflect the ambition and clear direction that have guided Qatar Airways Group’s progress throughout the 2023/24 financial year.
Our ongoing focus on profitability, efficiency, and customer experience has been supported by a strategic program of network growth and fleet expansion, leading to the highest revenues and profit margins in the airline’s history. We have also solidified our role as a key industry leader, maintaining our position as the airline of choice for millions of passengers worldwide.
This incredible achievement is due to the collective efforts of the entire Qatar Airways Group family, who have worked tirelessly to achieve such stellar results. We must now use this as a foundation to build on our continued success.”
20th Anniversary for QR Cargo
In 2024, Qatar Airways Cargo celebrates its 20th year of operation while maintaining its position as the world’s leading air cargo carrier. The strategic focus on digitalization, sustainability, and growth has contributed to an increase in Cargo’s market share to 7.1 percent in the 2023/24 fiscal year, up by 0.04 percent compared to the previous year.
Qatar Executive (QE) has demonstrated robust business performance in a competitive market as the sole business jet brand fully integrated with a commercial airline.
Throughout the 2023/24 fiscal year, QE achieved over 17 percent growth in commercial charter revenue, accompanied by a more than 21 percent increase in flying hours, highlighting strong customer expansion, particularly in Europe, the US, and Asia.
Investments in Qatar Airways’ loyalty programme, Privilege Club, yielded substantial outcomes during 2023/24, with membership growing by over 26 percent. Member engagement reached record levels, with Avios collection increasing by over 50 percent and Avios spend rising by 75 percent.
This period also marked the launch of key partnerships in India, Saudi Arabia, and Kuwait, alongside the introduction of exciting new products in Qatar Airways’ home market.
Fleet and Destinations Update
During the previous fiscal year, the Group bolstered its fleet with the acquisition of over 25 new aircraft. This included nine Boeing 737 MAX-8s, five Airbus A350-1000s, seven Boeing 787-9s, three Boeing 777-300ERs, and one Boeing 777-F.
As of March 31, 2024, these additions have increased the total fleet size to 284 aircraft, comprising 230 for passenger use, 29 dedicated to Qatar Airways Cargo, and 25 serving Qatar Executive.
Also Read: Qatar Airways to Order Mix of 200 New Airbus A350s and Boeing 777Xs – Aviation A2Z
Qatar Airways maintained strong passenger trust and reliability by offering seamless connectivity to over 170 destinations worldwide. This included resuming operations to 14 key destinations such as Bahrain, Birmingham, Beijing, Chengdu, Chongqing, Davao, Tokyo Haneda, Osaka, Marrakesh, Nice, Penang, Phnom Penh, Ras Al Khaimah, and Yanbu.
Additionally, Qatar Airways introduced new routes to Lyon, Toulouse, Al Ula, Neom, Tabuk, Medan, and Trabzon. These expansions provided travelers with increased travel options and improved connectivity.
Following the easing of COVID-19 restrictions in the Asia-Pacific region, Qatar Airways reinstated flights to all destinations in China and Japan and enhanced capacity to Southeast Asia to meet rising travel demand in the region.
In the Americas, Qatar Airways boosted its service frequency to New York, increasing from two flights per day to three. Similarly, in Miami, the airline expanded from one flight per day to ten flights per week.
With orders exceeding 236 aircraft valued at over QAR 239 billion (USD 63.1 billion), Qatar Airways’ fleet and network are poised for significant growth, setting the stage for expansive future developments.
Join us on Telegram Group for the Latest Aviation Updates. Subsequently, follow us on Google News.
The post Qatar Airways Reports $1.7 Billion Profit for FY23-24, Added 25 New Aircraft and More appeared first on Aviation A2Z.