Qatar Airways recorded its strongest financial performance in its 27-year history in the financial year 2023-2024, with net profits surging 39 percent to $1.7 billion.
The airline’s total revenue rose 6 percent to $22.2 billion while its earnings before interest, taxes, depreciation, and amortization (EBITDA) margin rose to $5.2 billion, reflecting the business’s focus on customer experience, innovation, digitalization, and sustainability.
Passenger numbers surge
Qatar Airways carried over 40 million passengers during 2023-2024, an increase of 26 percent over the previous year. As a result, passenger revenue increased by 19 percent. Moreover, the airline’s capacity rose by 21 percent due to the airline’s highest-ever load factor of 83 percent.
“This latest remarkable annual performance demonstrates Qatar Airways Group’s flexibility and resilience in successfully navigating a constantly evolving global travel industry and indicates a strong and sustained rebound from the challenges faced by the sector in recent years,” commented Minister of State for Energy and Qatar Airways Group Chairman Engr. Saad Bin Sharida Al-Kaabi.
Cargo operations lead
As it celebrates its milestone 20th year of operation in 2024, Qatar Airways Cargo maintained its position as the world’s leading air cargo carrier. The operation has propelled its strategic focus on digitalization, sustainability and growth, contributing towards an increase in Cargo’s market share to 7.1 percent in 2023-2024, up by 0.04 percent compared to the previous financial year.
Read: flydubai launches direct flights to two destinations in Iran
Network expansion
Qatar Airways’ network grew to more than 170 destinations in 2023-2024, adding Al Ula, Neom and Tabuk in Saudi Arabia; Lyon and Toulouse in France; Medan in Indonesia; and Trabzon in Turkey.
In addition, the airline resumed operations to 14 destinations, including Bahrain, Bahrain; Birmingham, UK; Beijing, Chengdu and Chongqing, China; Davao, Philippines; Tokyo Haneda and Osaka, Japan; Marrakesh, Morocco; Nice, France; Penang, Malaysia; Phnom Penh, Cambodia, Ras Al Khaimah, UAE; and Yanbu, Saudi Arabia.
For his part, Qatar Airways Group CEO Badr Mohammed Al-Meer said: “Our continued focus on profitability, efficiency and customer experience has been underpinned by a strategic program of network growth and fleet expansion, resulting in the highest revenues and profit margins in the history of the airline. We also cemented our undisputed role as a key industry leader, maintaining our position as the airline of choice for millions of passengers worldwide.”
For more news on logistics, click here.
