Raheem Akingbolu

Qatar Airways Group has reported the strongest financial performance in its 27-year history, announcing record profits of $1.7 billion for its 2023/24 financial year.

The airline group reported historic net profits of QAR6.1 billion ($1.7 billion) during the 2023/24 fiscal, with a total revenue of QAR81 billion ($22.2 billion), representing an increase of QAR4.7 billion ($1.3 billion) – up six per cent compared to last year.

The Group generated a strong EBITDA margin of 24 per cent at QAR19.1 billion ($5.2 billion), around QAR1.2 billion ($0.3 billion) higher than the previous year, reflecting 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, an increase of 26 per cent over the previous year.

As a result, passenger revenue increased by 19 per cent, with a capacity increase of 21 per cent driven by the airline’s highest-ever load factor of 83 per cent, offering a sustainable upsurge in market share.

Minister of State for Energy and Qatar Airways Group Chairman, Saad Bin Sharida Al-Kaabi, said: “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.”

Qatar Airways Group chief executive officer, Badr Mohammed Al-Meer, said: “These very strong financials are a testament to the ambition and clear direction that has informed the Qatar Airways Group’s progress throughout the 2023/24 financial year.

“Our continued focus on profitability, efficiency and customer experience has been underpinned by a strategic programme 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.

“This incredible achievement is in no small part thanks to the collective endeavour of the entire Qatar Airways Group family who have worked tirelessly to achieve such stellar results. We must now use this as a foundation on which to build our continued success.”