Qatar Airways reported in a financial statement for 2022-2023 that the carrier posted a record profit of $1.21 billion, mostly due to its partnership with FIFA during the country’s hosting of the World Cup Qatar 2022, but also for delivering a premium product and its continued commitment to its global employees.
“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”, said Qatar Airways Group Chief Executive, Akbar Al Baker.
Overall revenues increased to $21 billion, up 45 percent year on year (yoy), while passenger revenues increased by 100 percent yoy, on a capacity increase of 31 percent driven by 9 percent higher yields and a load factor of 80 percent, both record figures for the airline.
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The air carrier carried 31.7 million passengers, an increase of 71 percent over last year.
Privilege Club, the Qatar Airways loyalty program, also witnessed significant growth in numerous new global and local partnerships and enhanced propositions and revenues supported by the adoption of Avios as its currency.
During the FIFA World Cup, the airline operated some 14,000 flights bringing more than 1.4 million fans from around the globe. The group renewed a multi-year partnership with Paris Saint-Germain and became the Global Airline Partner for Formula 1 for the next 5 years.
Cargo
Qatar Airways Cargo transported over 1.5 million tons of air freight, accounting for an 8.14% share in the global market from April 1, 2022 to March 31, 2023, the group’s annual report 2022/2023 revealed, maintaining its position as the world’s leading air cargo carrier throughout the 2022/2023 financial year.
The carrier serves over 70 freighter destinations and more than 150 belly-hold passenger destinations globally.
Qatar Airways Cargo has also achieved a considerable number of charter operations with more than 1,400 charter flights in 2022, which includes charters for e-commerce, animals, music band tours and FIFA-related activities.
Qatar Airways Cargo earned two major industry awards during 2022/2023, including Air Cargo Week’s Cargo Airline of the Year award for the second year in a row and received the Development 2030 Corporate Social Responsibility Program of the Year at Aidex 2022.
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