Qatar Airways Group has revealed its most successful financial performance in its 27-year history, reporting unprecedented profits of QAR6.1 billion (US$1.7 billion) for the 2023/24 fiscal year. This milestone achievement, detailed in the airline’s latest Annual Report, showcases a net profit of QAR6.1 billion (US$1.7 billion) and a total revenue of QAR81 billion (US$22.2 billion), a six percent increase from the previous year. The group’s success can be attributed to its unwavering commitment to customer experience, innovation, digitalization, and sustainability, which have optimized operations and laid a solid foundation for future growth.
The airline transported over 40 million passengers during the fiscal year, a 26 percent increase from the previous year. This surge in passengers led to a 19 percent rise in passenger revenue, supported by a record load factor of 83 percent and a 21 percent capacity increase. This expansion has strengthened Qatar Airways’ market presence.
Qatar Airways Cargo, celebrating its 20th year, continued to lead globally with a focus on digital and sustainable growth, increasing its market share to 7.1 percent. Qatar Executive also experienced significant growth, with a 17 percent increase in charter revenue and a 21 percent increase in flying hours, particularly in Europe, the US, and Asia.
Minister of State for Energy and Qatar Airways Group Chairman, His Excellency Engr. Saad Bin Sharida Al-Kaabi, stated that this remarkable performance demonstrates Qatar Airways Group’s ability to navigate the constantly evolving global travel industry successfully. He highlighted the airline’s resilience and sustained rebound from recent challenges faced by the sector.
Engr. Badr Mohammed Al-Meer, Qatar Airways Group Chief Executive Officer, emphasized that these strong financial results reflect the ambition and direction guiding the airline’s progress throughout the 2023/24 financial year. He attributed the success to a strategic program of network growth and fleet expansion, resulting in the highest revenues and profit margins in the airline’s history. Al-Meer also acknowledged the collective effort of the entire Qatar Airways Group family in achieving these outstanding results.
The airline’s Privilege Club loyalty program saw a 26 percent increase in membership and record engagement, with Avios collection up over 50 percent and spending up 75 percent. This growth was fueled by new partnerships and product launches in several countries. Qatar Airways expanded its network to over 170 destinations, adding new routes and resuming operations to 14 cities, further enhancing its global reach.
The Group’s Commercial team played a crucial role in strengthening Qatar Airways’ market position, earning the airline the ‘Best Airline in the Middle East’ award at the 2023 World Airline Awards by Skytrax. Qatar Airways solidified its top position in social media, boasting over 47 million followers across platforms and leading as the most followed airline globally on Facebook, YouTube, and TikTok. The Group expanded its global sponsorship portfolio, including a significant partnership with Formula 1®, becoming the Official Global Airline Partner of FC Internazionale Milano, continuing its partnership with FIFA until 2030, and supporting various sports and cultural events, further enhancing its international visibility.
