Qatar Airways Group has 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 airline group reported net profits of QAR6.1 billion (US$1.7 billion) during the 2023/24 fiscal year, with a total revenue of QAR81 billion (US$22.2 billion). This represents an increase of QAR4.7 billion (US$1.3 billion), up six per cent compared to the previous year.
The Group generated a strong EBITDA margin of 24% 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, 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.
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.”
