Qatar Airways Records $22.2bn Annual Revenue For 2023/24 Financial Year

Qatar Airways recorded its strongest financial performance in its 27-year history, with a total revenue of $22.2bn(QAR81 billion) in its 2023/24 Financial Year and annual profits that is 39 per cent higher than the previous year.

Total revenue increased by $1.3 billion (QAR4.7 billion)– up six per cent, marking a significant improvement in the Group’s EBITDA, which grew by $0.3 billion(QAR1.2 billion).

Qatar Airways passenger loads also surged to more than 40 million – an increase of 26 per cent over last year, as the airline continues to rebound from the recent challenges facing the global travel industry.

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, Engr. 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, Engr. 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.”

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.