In unprecedented financial prowess, Qatar Airways Group has announced a record-breaking net profit of QAR6.1 billion (US$1.7 billion) for the 2023/24 financial year. This historic achievement marks the most robust economic performance in the airline’s 27-year history, reflecting a significant rebound from recent industry challenges and cementing Qatar Airways’ position as a global aviation leader.
Record Revenue and Surging Passenger Numbers
The Group reported a total revenue of QAR81 billion (US$22.2 billion), a remarkable increase of QAR4.7 billion (US$1.3 billion) or 6% compared to the previous year. This revenue surge was accompanied by a substantial improvement in EBITDA, which grew from QAR1.2 billion (US$0.3 billion) to QAR19.1 billion (US$5.2 billion), underscoring the Group’s focus on operational efficiency and customer satisfaction.
Passenger numbers soared to over 40 million, representing a 26% increase from the previous year. This surge in passenger traffic contributed to a 19% rise in passenger revenue and a 21% increase in capacity, with Qatar Airways achieving its highest-ever load factor of 83%. These impressive metrics highlight the airline’s successful expansion strategies in market share and optimizing operational performance.
Leadership Insights
His Excellency Engr. Saad Bin Sharida Al-Kaabi, Minister of State for Energy and Qatar Airways Group Chairman expressed his pride in the airline’s achievements: “This latest remarkable annual performance demonstrates Qatar Airways Group’s flexibility and resilience in successfully navigating a constantly evolving global travel industry. It 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 echoed these sentiments, emphasizing the strategic initiatives that drove the airline’s success. “A strategic programme of network growth and fleet expansion has underpinned our continued focus on profitability, efficiency, and customer experience. This has resulted in the highest revenues and profit margins in the airline’s history,” he said. “This incredible achievement is in no small part thanks to the collective endeavour of the entire Qatar Airways Group family.”
Strategic Growth and Sustainability
Celebrating its 20th year of operation, Qatar Airways Cargo maintained its position as the world’s leading air cargo carrier, strategically emphasising digitalisation and sustainability. The cargo division increased its market share to 7.1%, up by 0.04% from the previous financial year, highlighting its pivotal role in the Group’s overall success.
Qatar Executive, the Group’s business jet division, also reported solid growth, with a 17% increase in commercial charter revenue and a 21% rise in flying hours. This growth was particularly pronounced in Europe, the US, and Asia, showcasing the brand’s competitive edge in the global market.
The airline’s loyalty programme, Privilege Club, saw significant advancements, with membership increasing by 26% and engagement reaching record levels. The programme’s success was bolstered by key partnerships in India, Saudi Arabia, and Kuwait and innovative product launches in the home market.
Expanding Network and Global Partnerships
Qatar Airways’ network expanded to over 170 destinations in 2023/24, adding new routes in Saudi Arabia, France, Indonesia, and Turkey. The airline also resumed operations to 14 destinations, including major cities in China, the UK, and Japan, further enhancing its global connectivity.
The Group’s commercial team played a crucial role in this expansion, driving revenue growth and market share through innovative strategies and customer-focused initiatives. Their efforts were recognized, and the airline was awarded ‘Best Airline in the Middle East’ at the 2023 World Airline Awards managed by Skytrax.
Enhancing Brand Presence and Sponsorships
Qatar Airways strengthened its brand presence on social media, becoming the world’s number one airline across various platforms, with over 47 million combined followers. The Group also expanded its global sponsorship portfolio, partnering with prestigious entities such as Formula 1®, FC Internazionale Milano, FIFA, and the Royal Challengers Bangalore cricket team. These partnerships have significantly elevated the airline’s global profile.
Looking Ahead
Qatar Airways Group is poised for continued success with a solid foundation built on strategic growth, operational excellence, and customer satisfaction. As the airline celebrates its 20th anniversary and reflects on its historic achievements, it remains committed to innovation, sustainability, and its status as a global aviation leader.
Written by: Michelle Warner
