Qatar Airways Group Achieves Record Profits in 2023/24 Financial Year

Doha, Qatar – In a remarkable milestone, Qatar Airways Group has announced its strongest financial performance to date, reporting record profits of QAR6.1 billion (US$1.7 billion) in its Annual Report for the 2023/24 fiscal year. The airline group’s impressive results underscore its resilience and strategic focus amid challenging global conditions.

Key Highlights:

1. Historic Net Profits:
   • Qatar Airways Group achieved historic net profits of QAR6.1 billion (US$1.7 billion) during the 2023/24 fiscal year.
   • This remarkable achievement reflects the airline’s commitment to operational excellence, innovation, and customer satisfaction.
2. Robust Revenue Growth:
   • The group’s total revenue surged to QAR81 billion (US$22.2 billion), marking a substantial increase of QAR4.7 billion (US$1.3 billion) compared to the previous year.
   • This growth represents a six percent year-on-year increase, demonstrating the airline’s ability to adapt and thrive in a dynamic market.
3. EBITDA Margin and Operational Efficiency:
   • Qatar Airways Group maintained a strong EBITDA margin of 24 percent, reaching QAR19.1 billion (US$5.2 billion).
   • The margin improvement of around QAR1.2 billion (US$0.3 billion) compared to the previous year highlights the group’s agile and efficient operations.
4. Strategic Focus Areas:
   • The airline attributes its success to a relentless focus on customer experience, innovation, digitalization, and sustainability.
   • Streamlined processes and fit-for-purpose operations across all areas contributed to the impressive financial results.
5. Global Recognition:
   • Qatar Airways Group, a multiple award-winning airline, continues to receive accolades for its service quality, safety standards, and operational excellence.

His Excellency Mr. Akbar Al Baker, Group Chief Executive of Qatar Airways, expressed his pride in the team’s achievements: “Our unwavering commitment to excellence, combined with prudent financial management, has positioned us for success even in challenging times. We remain dedicated to delivering exceptional travel experiences while maintaining a sustainable and profitable business.”

As the aviation industry navigates recovery and transformation, Qatar Airways Group’s financial performance serves as a beacon of resilience and innovation. With a strong foundation and a customer-centric approach, the airline group is poised for continued success in the years ahead.