DOHA Qatar, 4 JULY 2024: Qatar Airways Group reported the strongest financial performance in its 27-year history, announcing record profits of QAR6.1 billion (USD1.7 billion) in its Annual Report for the 2023/24 financial year, released Tuesday.
The multiple award-winning airline group reported historic net profits of QAR6.1 billion (USD1.7 billion) during the 2023/24 fiscal year, with total revenue of QAR81 billion (USD22.2 billion). This represents an increase of QAR4.7 billion (US$1.3 billion) – up 6% compared to last year.
The Group generated a strong EBITDA margin of 24% at QAR19.1 billion (USD5.2 billion), around QAR1.2 billion (USD0.3 billion) higher than the previous year. This reflects the business’s continued focus on customer experience, innovation, digitalisation, and sustainability, resulting in streamlined, agile, and fit-for-purpose operations across all areas.
This has created a strong platform for the future of the Group’s airline business, which carried more than 40 million passengers during the 2023/24 fiscal year, an increase of 26% over the previous year.
As a result, passenger revenue increased by 19%, with a capacity increase of 21% driven by the airline’s highest-ever load factor of 83%, offering a sustainable upsurge in market share.
Qatar Airways’ network grew to more than 170 destinations in 2023/24, adding Al Ula, Neom and Tabuk in Saudi Arabia; Lyon and Toulouse, France; Medan, Indonesia; and Trabzon, Turkey throughout the year.
This is in addition to the resumption of 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.
