Qatar Airways Achieves Historic $1.7bn Profit In 2023/24 Fiscal Year

Qatar Airways Group has announced a record-breaking financial performance for the 2023/24 fiscal year, with profits reaching QR6.1bn ($1.7bn), the highest in its 27-year history. The airline group's total revenue amounted to QR81bn ($22.2bn), a six per cent increase from the previous year, equating to an additional QR4.7bn ($1.3bn). The Group's EBITDA margin stood at 24 per cent, or QR19.1bn ($5.2bn), reflecting its ongoing focus on customer experience, innovation, digitalisation and sustainability.

Record Profits for Qatar Airways

Over the course of the 2023/24 fiscal year, the airline carried more than 40 million passengers, a 26 per cent increase from the previous year. This led to a 19 per cent rise in passenger revenue and a capacity increase of 21 per cent, driven by an all-time high load factor of 83 per cent. His Excellency Engr. Saad Bin Sharida Al-Kaabi, Minister of State for Energy and Qatar Airways Group Chairman, attributed this success to the company's adaptability and resilience in navigating the ever-changing global travel industry.

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Engr. Badr Mohammed Al-Meer, Qatar Airways Group Chief Executive Officer, highlighted the strategic programme of network growth and fleet expansion as key factors behind the record revenues and profit margins. He also praised the efforts of the entire Qatar Airways Group family in achieving these results and emphasised the importance of using this foundation for future success.

Qatar Airways Cargo and Qatar Executive

In its 20th year of operation, Qatar Airways Cargo maintained its position as the world's leading air cargo carrier with a market share of 7.1 per cent in 2023/24, up by 0.04 per cent compared to the previous financial year. The company focused on digitalisation, sustainability and growth during this period.

Qatar Executive (QE) also experienced consistent growth throughout the fiscal year, with commercial charter revenue increasing by over 17 per cent and flying hours rising by more than 21 per cent. This strong performance was particularly evident in Europe, the US and Asia.

Privilege Club Loyalty Programme

The investment in Qatar Airways' Privilege Club loyalty programme paid off during the 2023/24 fiscal year as membership increased by over 26 per cent. Member engagement reached record levels with Avios collection growing at over 50 per cent and Avios spend increasing by 75 per cent. This success was supported by key partnerships launched in India, Saudi Arabia and Kuwait as well as new products introduced in their home market.

Qatar Airways Group's record-breaking financial performance demonstrates its ability to adapt and thrive in a constantly changing global travel industry while maintaining a focus on customer experience, innovation and sustainability initiatives across all areas of operation.