Qantas has reported their first full year profit since the onset of the global COVID-19 pandemic. For FY 23 the carrier reported a net profit of $1.74 billion or $0.96 per share. At June 30, 2023, the Group had total liquidity of approximately $10.0 billion.
On Thursday (August 24, 2023), the Qantas Group reported their FY 23 financial results for 12 months ending June 30, 2023. The Group reported a net profit of $1.74 billion or $0.96 per share, their first full-year profit since the onset of the global COVID-19 pandemic in FY19. This compares to $7.0 billion in accumulated statutory losses over the previous three years. At June 30, 2023, the Qantas Group had total liquidity of $10.0 billion, including $4.4 billion is cash and undrawn credit facilities, along with $5.6 billion in unencumbered assets.
In Thursday’s announcement, Qantas Group’s CEO, Alan Joyce, said,
“These results show a substantial turnaround in both our finances and service over the past year. Flight delays and cancellations have largely returned to pre-COVID levels and we’ve shifted from heavy losses to a strong profit and pipeline of investment worth billions of dollars. We safely flew almost 70 billion more seat kilometres and doubled the number of people we carried to 46 million compared to the year before. Travel demand is incredibly robust and we’ve taken delivery of more aircraft and opened up new routes to help meet it.
“The data shows customer satisfaction has improved significantly and we’re constantly working to deliver great travel experiences. It’s because we’re in a strong financial position that we’re able to invest in new aircraft, new destinations and new training facilities – all things that will make us better in the future.
“Our people have done a superb job under very difficult circumstances. Today’s result means more than 21,000 non-executive staff will receive up to $6,000 worth of Qantas shares as a thank you for their part in our recovery, plus another $500 staff travel credit. This is in addition to a $5,000 cash payment to eligible employees as new enterprise agreements are finalised.”
The Group also announced on Thursday (August 24, 2023) the order of 12 Boeing 787 Dreamliners and 12 Airbus A350s, which will be delivered from FY27 to replace the carrier’s Airbus A330 fleet. This is in addition to a previous order for 12 specifically modified A350s to operate Project Sunrise flights, arriving in FY26. During FY23, Qantas took delivery of two new Boeing 787s and eight new Airbus A321LRs, and also returned seven refurbished Airbus A380s to their fleet.
Source: Qantas