Qatar Airways Group has reported a fiscal 2022/23 net profit of QAR 4.4 billion (US $1.21 billion) on a year-over-year increase in revenue of 45 percent to QAR 76.3 billion (US $21.0 billion).
On Wednesday (July 5, 2023), Qatar Airways reported their financial results for fiscal 2022/23. The Group reported a net profit of QAR 4.4 billion (US $1.21 billion) on a year-over-year increase in revenue of 45 percent to QAR 76.3 billion (US $21.0 billion). Passenger revenue increased by 100 percent compared to last year on a capacity increase of 31 percent, driven by nine percent higher yields and an 80 percent load factor, both records for the airline. Qatar Airways carried 31.7 million passengers during the fiscal year, a year-over-year increase of 71 percent.
In Wednesday’s announcement, Qatar Airways Group’s Chairman, His Excellency Mr. Saad Bin Sharida Al-Kaabi, said,
“I am delighted to announce that Qatar Airways Group has demonstrated another remarkable annual performance. Qatar’s transportation sector is an emblem of its interconnectivity, connecting people from around the world and increasing business connections throughout the region. Qatar is proud to have hosted fans from around the world during the FIFA World Cup Qatar 2022™, delivering one of the best FIFA World Cups in history. Qatar has set an unparalleled benchmark for tournament security and safety, creating a family-friendly destination of choice.”
Also commenting on the Group’s financial Results, Qatar Airways Group’s Chief Executive, His Excellency Mr. Akbar Al Baker, said,
“This year’s strong financial results are attributed to the strong passenger demand recovery and the team’s ability to cater to this demand, aided by our continuing network growth, market leadership, and the operational efficiencies delivered by our world beating team. Profitability has been driven by a 100 per cent increase in passenger revenues in the last year. Load factors exceeding 80 per cent, and the current yield levels are the highest in our history. As the global travel recovery from the COVID-19 pandemic continues, we have managed to retain the high levels of trust, reliability and confidence with our customers. As a result, we maintained our position as the airline of choice for millions of passengers worldwide and our team carried 31.7 million passengers, which is an increase of 71 per cent over last year.”
Multi award-winning Qatar Airways is the national carrier of the State of Qatar and currently serves over 160 global destinations from their hub in Doha, Qatar. The airline was recently named ‘Airline of the Year’ for the seventh time at the 2022 World Airline Awards managed by Skytrax, as well as ‘World’s Best Business Class’, World’s Best Business Class Lounge Dining’, and ‘Best Airline in the Middle East.’
Source: Qatar Airways