Qatar Airways Group reported that its gross revenue for fiscal year 2022/2023 has increased to $21 bn (QR76.3 bn), up 45 percent compared to the previous fiscal year.
Net profit, according to Qatar’s national carrier, reached $1.21 bn (QR4.4 bn), driven by exceptionally robust operations during Qatar’s hosting of FIFA World Cup 2022 as the event’s official airline partner.
In addition, passenger revenue increased by 100 percent compared to last year, as capacity increased by 31 percent with nine percent higher yields as well as a load factor of 80 percent. These figures are the highest on record for Qatar Airways’ history, which helped the airline secure a higher market share.
Growth in passenger numbers
Qatar Airways carried 31.7 mn passengers, an increase of 71 percent over the previous year. The airline continues to focus on customer experience, loyalty, digitalization, and sustainability as part of efforts to grow its business in the coming years.
In addition, Qatar Airways expanded its network to more than 160 destinations, including resuming operations to thirteen destinations namely, Amritsar, India; Beijing, China; Denpasar, Indonesia; Geneva, Switzerland; London Gatwick, UK; Luxor, Egypt; Nagpur, India; Perth, Australia; Qassim, Saudi Arabia; Sarajevo, Bosnia and Herzegovina; Shanghai, China; Taif, Saudi Arabia; and Windhoek, Namibia. Two new routes that were added include Dusseldorf, Germany and Santorini, Greece. Qatar Airway’s enhanced network enables the airline to provide more travel choices and greater connectivity for its passengers.
Meanwhile, Qatar Airways’ loyalty program, Privilege Club, likewise witnessed significant growth as it secured new global and local partnerships, as well as enhanced its value proposition and revenues with the adoption of Avios as its currency.
This means that Privilege Club members can now transact with the Qatar Airways Group using the Avios currency for payment in Qatar Duty Free, Discover Qatar, and Qatar Holidays, among others.
Read: Qatar Airways eyes rapid growth with expanded destinations
Cargo operations’ expansion
In terms of cargo operations, Qatar Airways Cargo maintained its position as the world’s leading air cargo carrier throughout the 2022/23 financial year. The latest figures show that the group generated strong Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) margin of 23 percent valued at $4.9 bn (QR17.8 bn).
These positive earnings reflect the expansion of Qatar Airways’ passenger and cargo networks and its aim to deliver on its commitments to build further customer, trade loyalty, and product excellence combined with strong cost control.
Qatar Airways Group chief executive officer Akbar Al Baker said, “This year’s strong financial results are attributed to the strong passenger demand recovery and the team’s ability to cater to this demand, aided by our continuing network growth, market leadership, and the operational efficiencies delivered by our team. Profitability has been driven by a 100 percent increase in passenger revenues in the last year.”
With the global travel industry continuing its recovery from the impact of the pandemic, he added, “Load factors exceeded 80 percent, and the current yield levels are the highest in our history. As the global travel recovery from the Covid-19 pandemic continues, we have managed to retain high levels of trust, reliability and confidence from our customers. As a result, we maintained our position as the airline of choice for millions of passengers worldwide.”
For more hospitality and tourism stories, click here.
