There have been celebrations in Doha this week with Qatar Airways announcing their best-ever profit in it’s 27-year history.
The carrier has bounced back significantly and is experiencing strong demand following the post-pandemic rebound in travel.
Without further ado, let’s get into it…
The Numbers from Qatar Airways…
The Qatar Airways Group, based in Doha, celebrated record profits of $1.7bn from revenues of $22.2bn.
EBITDA margin was at 24%, amounting to around $5.2bn.
Passenger revenue increased by 19%, with the carrier’s highest-ever load factor standing at 83%.
In terms of passenger figures, they handled more than 40m in 2023/24, which is an increase of 26%.
The network grew to more than 170 destinations in 2023/24, with Qatar Airways noting the following new flights from Doha:
- Al Ula
- Neom
- Tabuk
- Lyon
- Toulouse
- Medan
- Trabzon
Furthermore, the carrier also credited the resumption of flights to the following destinations:
- Bahrain
- Birmingham
- Beijing
- Chengdu
- Chongqing
- Davao
- Tokyo Haneda
- Osaka
- Marrakesh
- Nice
- Penang
- Phnom Penh
- Ras Al Khaimah
- Yanbu
So as you can see, Doha-based carrier Qatar Airways has been very busy over the 2023/24 financial year.
Executives Celebrate in Doha…
Qatar Airways Group Chief Executive Officer, Engr. Badr Mohammed Al-Meer had this to say on the strong results:
“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.”
Overall…
In conclusion, Qatar Airways has had a very strong financial year, especially through the record profits posted.
With demand for all services across their subsidiaries, it remains clear that the business model is solid.
Looking ahead, all eyes will be on the end of the next financial year to see if they can produce numbers similar to that.
But for now, let’s see what performance looks like for the rest of the 2024/25 financial year.
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