Doha: Qatar Airways Group reported a net profit of QAR 4.4 billion ($1.21 billion) during the fiscal year 2022-23, it said on Wednesday, buoyed by a surge in passenger traffic for the FIFA World Cup.
Overall revenue increased to QAR 76.3 billion ($21 billion), up 45 per cent compared to last year.
Passenger revenue was up by 100 per cent over last year, on a capacity increase of 31 per cent driven by 9 per cent higher yields and a load factor of 80 per cent – both highest in the airline’s history, resulting in a sustainable increase in market share, the carrier said. The airline it ferried 31.7 million passengers during the period, an increase of 71 per cent over the same period last year.
The group generated strong EBITDA margin of 23 per cent at QAR 17.8 billion ($4.9 billion). EBITDA was higher than the previous year by QAR 110 million due to streamlined, agile, and fit-for-purpose operations across all business areas.
The airline’s network grew to more than 160 destinations in 2022-23, and it resumed operations to 12 destinations: Amritsar, India; Beijing, China; Denpasar, Indonesia; Qassim, Saudi Arabia; Geneva, Switzerland; London Gatwick, UK; Nagpur, India; Perth, Australia; Sarajevo, Bosnia and Herzegovina; Shanghai, China; Taif, Saudi Arabia, and Windhoek, Namibia. The airline also launched two new routes to Dusseldorf, Germany, and Santorini, Greece.
Minister of State for Energy and Qatar Airways Group Chairman Saad Bin Sharida Al Kaabi said: “I am delighted to announce that Qatar Airways Group has demonstrated another remarkable annual performance. Qatar’s transportation sector is an emblem of its interconnectivity, connecting people from around the world and increasing business connections throughout the region.”
Qatar Airways Group CEO Akbar Al Baker said: “This year’s strong financial results are attributed to the strong passenger demand recovery and the team’s ability to cater to this demand, aided by our continuing network growth, market leadership, and the operational efficiencies delivered by our world beating team. Profitability has been driven by a 100 per cent increase in passenger revenues in the last year. Load factors exceeding 80 per cent, and the current yield levels are the highest in our history. As the global travel recovery from the COVID-19 pandemic continues, we have managed to retain the high levels of trust, reliability and confidence with our customers. As a result, we maintained our position as the airline of choice for millions of passengers worldwide and our team carried 31.7 million passengers, which is an increase of 71 per cent over last year.”
Over the period of the World Cup, Qatar Airways operated some 14,000 flights bringing more than 2.4 million fans to Qatar.
