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Qatar Airways Net Profit Hits US$1.7 Billion For 2023/24

BY Soko Directory Team · July 5, 2024 06:07 am

Qatar Airways reported the strongest financial performance in its 27-year history, with a total revenue of QAR81 billion (US$22.2 billion) and annual profits 39 percent higher than the previous year

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

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

Doha, Qatar – Qatar Airways Group has today reported the strongest financial performance in its 27-year history, announcing record profits of QAR6.1 billion (US$1.7 billion) in its Annual Report for the 2023/24 financial year.

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

The Group generated a strong EBITDA margin of 24 percent at QAR19.1 billion (US$5.2 billion), around QAR1.2 billion (US$0.3 billion) higher than the previous year, reflecting the business’s continued focus on customer experience, innovation, digitalization, 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 percent, with a capacity increase of 21 percent driven by the airline’s highest-ever load factor of 83 percent, offering a sustainable upsurge in market share.

Minister of State for Energy and Qatar Airways Group Chairman, His Excellency 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 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.

“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.”

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, forging ahead with a strategic focus on digitalization, sustainability, and growth contributing towards an increase in Cargo market share to 7.1 percent in 2023/24, up by 0.04 percent compared to the previous financial year.

Read Also: Visa Cardholders To Get Up To 12% Off Flights When Flying Qatar Airways

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system.Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

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