Qatar Airways Group has achieved a historic milestone in its 27-year history, reporting record-breaking net profits of QAR6.1 billion (US$1.7 billion) for the 2023/24 financial year. This remarkable achievement underscores the airline’s resilience and strategic growth in a challenging global travel environment.
Unprecedented Financial Performance
In the 2023/24 fiscal year, Qatar Airways Group reported the strongest financial performance in its history. The Group achieved a total revenue of QAR81 billion (US$22.2 billion), marking an increase of QAR4.7 billion (US$1.3 billion), a 6% rise compared to the previous year. This substantial revenue growth reflects the Group’s strategic focus on innovation, customer experience, and operational efficiency.
Significant EBITDA Growth
The Group’s EBITDA surged to QAR19.1 billion (US$5.2 billion), an increase of QAR1.2 billion (US$0.3 billion) over the previous year. This 24% EBITDA margin highlights the company’s robust business model and dedication to streamlined and agile operations.
Surge in Passenger Numbers
Qatar Airways witnessed a remarkable increase in passenger numbers, carrying over 40 million passengers during the 2023/24 fiscal year, a 26% rise from the previous year. This surge is a testament to the airline’s successful rebound from recent global travel industry challenges.
High Load Factor and Increased Capacity
The airline achieved its highest-ever load factor of 83%, resulting in a 21% increase in capacity. This high load factor underscores the airline’s effective capacity management and growing market share, with passenger revenue increasing by 19%.
Leadership and Strategic Vision
Statements from Key Leaders
Minister of State for Energy and Qatar Airways Group Chairman, His Excellency 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.”
Qatar Airways Group Chief Executive Officer, 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 has 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.
Expanding Cargo Operations
As it celebrates its milestone 20th year of operation in 2024, Qatar Airways Cargo maintained its position as the world’s leading air cargo carrier. The cargo division’s strategic focus on digitalization, sustainability, and growth has increased its market share to 7.1% in 2023/24, up by 0.04% compared to the previous financial year.
Qatar Executive’s Growth
Qatar Executive (QE), the business jet brand integrated with Qatar Airways, has shown consistent growth in a competitive market. In the 2023/24 fiscal year, QE saw a 17% increase in commercial charter revenue and a 21% rise in flying hours, reflecting its strong customer growth, particularly in Europe, the US, and Asia.
Enhanced Loyalty Program
The investment in Qatar Airways Privilege Club loyalty program yielded significant results during 2023/24. Membership increased by over 26%, and member engagement reached record levels with Avios collection growing by over 50% and Avios spending increasing by 75%. The launch of key partnerships in India, Saudi Arabia, and Kuwait, along with new products in the home market, contributed to this success.
Network Expansion
Qatar Airways expanded its network to over 170 destinations in 2023/24. New additions included Al Ula, Neom, and Tabuk in Saudi Arabia; Lyon and Toulouse in France; Medan in Indonesia; and Trabzon in Turkey. Additionally, operations resumed to 14 destinations, including Beijing, Chengdu, and Chongqing in China; Birmingham in the UK; and Tokyo Haneda and Osaka in Japan.
Commercial Achievements
The Group’s Commercial team played a crucial role in bolstering competitive positioning, innovating to exceed customer demand, and growing revenue and market share. This effort was recognized as Qatar Airways was awarded the ‘Best Airline in the Middle East’ at the 2023 World Airline Awards managed by Skytrax.
Social Media Leadership
In 2023/24, Qatar Airways Group solidified its leadership position in the social media landscape, becoming the world’s number one airline across social channels. With over 47 million combined followers, Qatar Airways is now the most followed airline on Facebook, YouTube, and TikTok.
Global Sponsorship Portfolio
Qatar Airways Group significantly expanded its global sponsorship portfolio during 2023/24. Highlights include the Group’s inaugural partnership as the Global Airline Partner of Formula 1®, becoming the Official Global Airline Partner of FC Internazionale Milano, and renewing its partnership with FIFA until 2030. Other notable partnerships include the Royal Challengers Bangalore cricket team in the IPL and the role of Official Strategic Partner for Expo 2023 Doha.
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