Strong profits as expansion continues
Qatar Airways Group has again reported a strong financial performance. The airline credits the positive results to its successful strategy during an extraordinary year for the Group as FIFA’s Official Partner and Official Airline of the FIFA World Cup Qatar 2022 along with its premium product focused on delivering world-class customer experience as well as the commitment of its worldwide employees.
Qatar Airways Group reported a net profit of QAR 4.4bn (US$ 1.21bn) during the fiscal year 2022/23. Overall revenue increased to QAR 76.3bn (US$ 21.0bn), up 45 per cent compared to last year, a press communique indicated.
Passenger revenue increased by 100 per cent over last year, on a capacity increase of 31 per cent driven by nine per cent higher yields and a load factor of 80 per cent – both highest in the airline’s history, resulting in a sustainable increase in market share. Qatar Airways carried 31.7 million passengers, an increase of 71 per cent over last year.
Leading cargo carrier
Qatar Airways Cargo maintained its position as the world’s leading air cargo carrier throughout the 2022/23 financial year, forging ahead with a strategic focus on growth, sustainability and digitalisation, and supporting the continuity of global trade despite ongoing market challenges.
The Group generated strong EBITDA Margin of 23 per cent at QAR 17.8bn (US$ 4.9bn). EBITDA was higher than the previous year by QAR 110mn (US$ 30.2mn) due to streamlined, agile, and fit-for-purpose operations across all business areas.
“I am delighted to announce that Qatar Airways Group has demonstrated another remarkable annual performance. Qatar’s transportation sector is an emblem of its interconnectivity, connecting people from around the world and increasing business connections throughout the region,” remarked Saad Bin Sharida Al-Kaabi, Minister of State for Energy and Qatar Airways Group Chairman.
“As the global travel recovery from the COVID-19 pandemic continues, we have managed to retain the high levels of trust, reliability and confidence with our customers. As a result, we maintained our position as the airline of choice for millions of passengers worldwide and our team carried 31.7 million passengers, which is an increase of 71 per cent over last year,” commented Akbar Al Baker, Qatar Airways Group Chief Executive.
