Qatar Airways Group has reported its strongest financial performance in its 27-year history, with record profits of QAR6.1 billion ($1.7 billion) in the 2023/24 fiscal year. The airline group announced a total revenue of QAR81 billion ($22.2 billion), an increase of QAR4.7 billion ($1.3 billion) compared to the previous year, reflecting a six percent growth. The Group achieved a strong EBITDA margin of 24 percent at QAR19.1 billion ($5.2 billion), up by QAR1.2 billion ($0.3 billion) from the previous year due to a focus on customer experience, innovation, digitalisation, and sustainability.
The Group’s airline business carried more than 40 million passengers during the 2023/24 fiscal year, a 26 percent increase from the previous year. Passenger revenue also increased by 19 percent with a capacity increase of 21 percent driven by the airline’s highest-ever load factor of 83 percent. This has led to a sustainable increase in market share for Qatar Airways Group, positioning them as a key industry leader and the airline of choice for millions of passengers worldwide.
Qatar Airways Group Chairman, HE Engr. Saad Bin Sharida Al-Kaabi, highlighted the Group’s flexibility and resilience in navigating the challenges of the global travel industry. The Group’s Chief Executive Officer, Engr. Badr Mohammed Al-Meer, attributed the strong financial performance to the strategic programme of network growth and fleet expansion. He acknowledged the collective effort of the Qatar Airways Group family in achieving stellar results and emphasized the importance of building on this success for future growth.
In its 20th year of operation, Qatar Airways Cargo maintained its position as the world’s leading air cargo carrier, with a focus on digitalisation, sustainability, and growth contributing to an increase in market share. Qatar Executive (QE) also delivered strong business performance, with an increase in commercial charter revenue and flying hours. The airline’s loyalty programme, Privilege Club, saw significant growth in membership and engagement, with partnerships launched in key markets such as India, Saudi Arabia, and Kuwait.
Qatar Airways expanded its network to more than 170 destinations in 2023/24, adding new routes in Saudi Arabia, France, Indonesia, and Turkey. The airline also resumed operations to 14 destinations, including cities in the UK, China, Japan, Morocco, France, Malaysia, Cambodia, the UAE, and Saudi Arabia. The continued growth and expansion of Qatar Airways Group demonstrate its commitment to providing exceptional service, driving innovation, and meeting the evolving needs of its passengers.
