Qatar Airways Group has reported a record profit of $1.7 billion for the 2023/24 financial year, marking its strongest financial performance in its 27-year history. The airline group reported historic net profits of QR6.1 billion ($1.7 billion) during the 2023-2024 fiscal, with total revenue of QR81 billion ($22.2 billion), representing an increase of QR4.7 billion ($1.3 billion) – up six percent compared to last year. The Group generated a strong EBITDA margin of 24 percent at QR19.1 billion ($5.2 billion), around QR1.2 billion ($0.3 billion) higher than the previous year, reflecting the business’s continued focus on customer experience, innovation, digitalization, and percent sustainability, resulting in streamlined, agile and fit-for-purpose operations across all areas.
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This has created a strong platform for the future of the Group's airline business which carried more than 40 million passengers during the 2023-2024 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. 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's market share to 7.1 percent in 2023/24, up by 0.04 percent compared to previous financial year.
With consistent growth over the 2023-2024 fiscal year, Qatar Executive saw an increase in commercial charter revenue of more than 17 percent, with a rise in flying hours of over 21 percent illustrating its strong customer growth, particularly in Europe, the US, and Asia. Qatar Airways CEO, Mr. Badr Mohammed Al Meer, said: "I am immensely proud of the entire Qatar Airways Group team for delivering our strongest financial performance ever, despite the challenges of the last few years. Our record profits are a testament to the hard work and dedication of our employees and the trust our customers place in us. We remain committed to providing the highest standards of service and safety, and to investing in the future of the Group."
The Group's strong financial performance was also reflected in its share price, which reached an all-time high during the year. The Group's market capitalization has grown significantly, making it one of the most valuable airline groups in the world. Looking ahead, Qatar Airways Group is well-positioned to continue its growth trajectory. The Group plans to expand its network, invest in new aircraft and technologies, and further enhance its customer experience. With a strong balance sheet and a clear strategy, Qatar Airways Group is poised to continue delivering value to its shareholders and customers.