Qatar Airways Group has reported a record financial year 2023/24 net profit of QAR6.1 billion (US $1.7 billion) on a 6.0 percent year-over-year increase in revenue to QAR81 billion (US $22.2 billion).
On Tuesday (July 2, 2024), Qatar Airways Group reported their full fiscal year financial results for FY 2023/24. The Group reported a record net profit of QAR6.1 billion (US $1.7 billion) on a 6.0 percent year-over-year increase in revenue to QAR81 billion *US $22.2 billion). The carrier’s passenger load also surged to over 40 million guests, a 26 percent increase versus the previous financial year, with an 83 percent load factor, also a record.
In Tuesday’s announcement, Qatar Airways Group’s Chairman and Minister of State for Energy, Engr. Saad Bin Sharida Al-Kaabi, said,
“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.”
Also commenting on the Group’s financial results, Qatar Airways Group’s CEO, Engr, Badr Mohammed Al-Meer, said,
“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. Our continued focus on profitability, efficiency and customer experience have been underpinned by a strategic programme 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.”
During FY 2023/24 Qatar Airways Cargo’s market share increased to 7.1 percent, up 0.04 percent compared to the previous financial year. Qatar Executive (QE) reported a 17 percent increase in charter revenue, with a 21 percent rise in flying hours, reflecting strong growth in Europe, the U.S. and Asia. Qatar Airways’ Privilege Club membership grew by 26 percent during the period, while member engagement reached record levels with Avios collection growing by over 50 percent and Avios spend growing by 75 percent.
For 2023/24, Qatar Airways’ network grew to over 170 destinations, including new service to Al Ula, Neom and Tabuk (Saudi Arabia) Lyon and Toulouse (France) Medan (Indonesia) and Trabzon (Turkey). The carrier also resumed service to 14 destinations, including 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).
Source: Qatar Airways