The sustained travel boom continues to fuel up Qatar Airways' financials. Image Credit: Shutterstock

Dubai: The Qatar Airways Group soared to new all-time high profits of QR6.1 billion ($1.7 billion) in its Annual Report for the 2023-24 financial year. This was driven by revenues of QR81 billion ($22.2 billion), working out to an increase of a whopping QR4.7 billion ($1.3 billion).

It flew 40 million passengers during the period.

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The results confirm what is proving to be an exceptional growth phase for Gulf airlines. Emirates recently reported its own set of new records with its financials.

Qatar Airways Group generated a power-packed EBITDA margin of 24 per cent, at QR19.1 billion ($5.2 billion), which is around QR1.2 billion higher from a year ago, 'reflecting the business’s continued focus on customer experience, innovation, digitalisation and sustainability'. This has resulted in a 'streamlined, agile and fit-for-purpose operations across all areas'.

According to Saad Bin Sharida Al-Kaabi, Qatar's Minister of State for Energy and Chairman of the airline, said, “This latest remarkable annual performance demonstrates Qatar Airways Group’s flexibility and resilience in successfully navigating a constantly evolving global travel industry, and indicates a strong and sustained rebound from the challenges faced by the sector in recent years.”

Passenger numbers

More than 40 million passengers flew on the airline during the 2023-24 financial year, an increase of 26 per cent year-on-year. This drove passenger revenue up 19 per cent, with a capacity increase of 21 per cent. It resulted in the Gulf airline’s highest-ever load factor of 83 per cent, 'offering a sustainable upsurge in market share'.

Its network has risen to more than 170 destinations in 2023-24, by adding Al Ula, Neom and Tabuk in Saudi Arabia; Lyon and Toulouse, France; Medan, Indonesia; and Trabzon, Turkey. This was in addition to a resumption of flights to 14 destinations, including Birmingham in the UK and Chinese destinations Beijing, Chengdu and Chongqing.

“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," said  Badr Mohammed Al-Meer, Group CEO.