The Qatar Airways Group has announced its most successful financial year in 27 years, reporting record profits and revenue for the 2023/24 fiscal year. The group, headquartered in Doha, Qatar, achieved a total revenue of QAR 81 billion (US$22.2 billion), marking a six percent increase from the previous year. This impressive performance was driven by strong growth across its various divisions, including Qatar Airways, Qatar Airways Cargo, and Qatar Executive.
The group’s net earnings reached QAR 6.1 billion (US$1.7 billion), a significant jump from the previous year. This strong financial performance was attributed to the group’s strategic focus on enhancing customer service, advancing innovation, pushing digitalization, and focusing on sustainable practices. These initiatives have optimized operations across the organization, laying a solid foundation for future growth in the aviation sector.
Qatar Airways, the group’s flagship airline, experienced a remarkable recovery from recent global industry setbacks. Passenger numbers soared to over 40 million, representing a 26% increase from the previous year. This growth led to a 19% rise in passenger revenues. The airline expanded its capacity by 21% and achieved its highest ever load factor at 83%, securing a sustainable gain in market share.
Qatar Airways Cargo continued to solidify its position as the premier air cargo carrier globally, celebrating its 20th anniversary in 2024. The division’s market share climbed to 7.1% in the 2023/24 fiscal year, driven by a focus on digitalization, sustainability, and strategic growth.
Qatar Executive, the group’s private jet division, also achieved robust performance in the competitive business jet market. It witnessed a 17% rise in commercial charter revenue and a 21% increase in flight hours. Notably, the division saw significant customer growth in Europe, the US, and Asia.
The Qatar Airways Privilege Club loyalty program witnessed a significant increase in membership and engagement. Membership grew by 26%, and Avios collection soared by over 50%, while Avios spending surged by 75%. This growth was attributed to the introduction of key partnerships in India, Saudi Arabia, and Kuwait, as well as new products in Qatar.
The airline expanded its network to over 170 destinations in 2023/24, adding new routes to cities like Al Ula, Neom, and Tabuk in Saudi Arabia; Lyon and Toulouse in France; Medan in Indonesia; and Trabzon in Turkey. It also resumed flights to 14 destinations, enhancing connectivity across the globe.
Qatar Airways’ commercial team played a critical role in strengthening the airline’s market position through innovation, revenue enhancement, and market share expansion. This commitment to excellence was recognized when Qatar Airways was named ‘Best Airline in the Middle East’ at the 2023 World Airline Awards by Skytrax.
The airline also significantly enhanced its digital footprint, becoming the leading airline on social media with over 47 million followers across platforms. It achieved the highest number of followers globally on Facebook, YouTube, and TikTok.
The Qatar Airways Group expanded its global sponsorship initiatives significantly in 2023/24. Key achievements included becoming the Global Airline Partner of Formula 1®, the Official Global Airline Partner of FC Internazionale Milano, renewing its partnership with FIFA until 2030, partnering with Royal Challengers Bangalore in the IPL, and serving as the Official Strategic Partner for Expo 2023 Doha.
