The Qatar Airways Group has reported on its 2022/23 fiscal year performance, showing strong profits amid network expansion, strong demand, and a robust performance across all divisions.
Qatar Airways Group has turned in a strong financial performance as the Official Airline Partner of the FIFA World Cup Qatar 2022™.
The airline attributes its positive results to a successful strategy implemented during an extraordinary year for the Group, which involved being FIFA’s Official Partner and Official Airline of the FIFA World Cup Qatar 2022™.
The company’s premium product, focused on delivering a world-class customer experience, along with the dedication of its global workforce, also contributed to its favorable performance.
Fiscal year 2022/23 performance
During the fiscal year 2022/23, Qatar Airways Group reported a net profit of QAR 4.4 billion (US$ 1.21 billion). Overall revenue increased significantly to QAR 76.3 billion (US$ 21.0 billion), marking a 45 percent growth compared to the previous year.
Notably, passenger revenue experienced a remarkable 100 percent increase, accompanied by a 31 percent rise in capacity. It turned in an impressive load factor of 80 percent, the highest figures in the airline’s history.
As a result, Qatar Airways attained a sustainable increase in market share. The airline successfully carried 31.7 million passengers during the fiscal year, reflecting a substantial 71 percent increase compared to the previous year.
An unwavering focus on customer experience, loyalty programs, digitalization, and sustainability has positioned Qatar Airways on a robust trajectory for the future.
Qatar Airways Cargo demonstrated resilience throughout the 2022/23 financial year. Despite ongoing market challenges, the airline sustained its position by focusing on growth, sustainability, and digitalization.
Qatar Airways Cargo played a crucial role in ensuring the continuity of global trade.
The Group achieved a strong EBITDA margin of 23 percent, totaling QAR 17.8 billion (US$ 4.9 billion). This figure represents a QAR 110 million (US$ 30.2 million) increase compared to the previous year.
The growth in earnings can be attributed to streamlined, agile, and fit-for-purpose operations across all business areas.
Qatar Airways’ expansion of passenger and cargo networks, combined with a commitment to customer and trade loyalty, product excellence, and cost control, has contributed to its positive financial performance.
FIFA World Cup Qatar 2022™
As the national carrier of the State of Qatar, Qatar Airways played a crucial role during the FIFA World Cup Qatar 2022™ by transporting 1.4 million passengers to the highly successful event.
The FIFA World Cup Qatar 2022™ engaged with a massive five billion fans worldwide, providing significant media return on investment for the Qatar Airways brand, surpassing the media return of the 2018 FIFA World Cup Russia™ by more than 63 percent.
The tournament also witnessed a substantial increase in social media engagement, resulting in an 83 percent growth in followers.
Qatar Airways Group comments
Mr. Saad Bin Sharida Al-Kaabi, the Minister of State for Energy and Qatar Airways Group Chairman, expressed his delight over Qatar Airways Group’s remarkable annual performance. He emphasized that Qatar’s transportation sector serves as a symbol of interconnectivity, linking people from around the world and fostering business connections throughout the region.
Hosting the FIFA World Cup Qatar 2022™ allowed Qatar to set an unparalleled benchmark for tournament security and safety, establishing itself as a family-friendly destination of choice.
Mr. Akbar Al Baker, the Chief Executive of Qatar Airways Group, credited this year’s strong financial results to the robust recovery in passenger demand and the team’s ability to cater to this demand.
The company’s continuous network growth, market leadership, and operational efficiencies contributed to its profitability.
Qatar Airways experienced a 100 percent increase in passenger revenues during the past year, with load factors exceeding 80 percent and record-breaking yield levels.
The airline’s network expanded to over 160 destinations during the 2022/23 period. Qatar Airways also resumed operations to thirteen destinations.
Additionally, the airline launched two new routes to Dusseldorf, Germany, and Santorini, Greece, further enhancing travel choices and connectivity for passengers.