Qatar Airways announced a record $1.7 billion net profit, marking a 39 percent annual increase compared to last year. The state-owned Qatari national carrier also reported a revenue growth of $1.3 billion, representing a six percent rise from the previous year.
Qatar Airways Said, “The group reports the strongest financial performance in its 27-year history,” The airline added that it had carried more than 40 million passengers –- an increase of 26 percent over the previous year — which it attributed to a “rebound from the recent challenges facing the global travel industry”.
Despite flying fans to the World Cup hosted in the Gulf emirate, Qatar Airways reported a yearly decline in profits in the aftermath of posting record profits in 2022, despite the impact of the Covid-19 pandemic, which devastated the industry.
The group achieved a strong EBITDA margin of 24%, totaling QAR19.1 billion ($5.2 billion), up QAR1.2 billion ($0.3 billion) from the previous year. They attributed this success to a focus on customer experience, innovation, digitalization, and sustainability, streamlining operations across all areas.
Saad Bin Sharida Al-Kaabi Minister of State for Energy and Qatar Airways Group Chairman Engineer 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 Engineer 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 have 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.”
In its 20th year in 2024, Qatar Airways Cargo maintained its lead as the world’s top air cargo carrier, increasing its market share to 7.1%. Qatar Executive saw strong growth with over 17% higher commercial charter revenue and a 21% increase in flying hours, driven by expanding customer bases in Europe, the US, and Asia. Qatar Airways’ Privilege Club membership grew by more than 26%, with significant increases in Avios collection and spending, alongside new partnerships and products launched in key markets.