Qatar Airways Soars to New Heights: A Record-Breaking Year

The Qatar Airways Group has created a new chapter in aviation history. The airline group that has won several awards has announced that it has achieved the highest financial success in its 27-year existence. The company’s Annual Report for the 2023/24 fiscal year revealed its record earnings of QAR6.1 billion (US$1.7 billion).

Unprecedented Financial Performance

The Group’s total revenue soared to QAR81 billion (US$22.2 billion), marking an increase of QAR4.7 billion (US$1.3 billion)—up six percent compared to last year. This significant improvement in the Group’s EBITDA, which grew by QAR1.2 billion (US$0.3 billion), reflects the business’s continued focus on customer experience, innovation, digitalisation, and sustainability.

The Group generated a strong EBITDA margin of 24 per cent at QAR19.1 billion (US$5.2 billion), around QAR1.2 billion (US$0.3 billion) higher than the previous year. This has created a robust platform for the future of the Group’s airline business.

Skyrocketing Passenger Loads

Qatar Airways passenger loads surged to more than 40 million – an increase of 26 per cent over last year. As a result, passenger revenue increased by 19 per cent, with a capacity increase of 21 per cent driven by the airline’s highest-ever load factor of 83 per cent. This offers a sustainable upsurge in market share.

Celebrating Milestones and Achievements

As it celebrates its milestone 20th year of operation in 2024, Qatar Airways Cargo maintained its position as the world’s leading air cargo carrier. Qatar Executive (QE) has continued delivering solid business performance in a highly competitive market.

Investment in Qatar Airways’ loyalty programme Privilege Club yielded significant results during 2023/24, with membership increasing by more than 26 percent. Member engagement also reached record levels, with Avios collection growing by over 50 per cent, while Avios spending has grown by 75 per cent.

Expanding Global Reach

Qatar Airways’ network grew to more than 170 destinations in 2023/24, adding Al Ula, Neom and Tabuk in Saudi Arabia; Lyon and Toulouse, France; Medan, Indonesia; and Trabzon, Türkiye throughout the year. This is in addition to the resumption of operations to 14 destinations.

Leading the Social Media Landscape

As part of the Group’s ongoing strategic approach to building deeper, more meaningful relationships with global audiences, the brand also solidified its leadership position in the social media landscape during 2023/24. As a result, the Group is now the world’s number-one airline across social channels – with more than 47 million combined followers.

Expanding Global Sponsorship Portfolio

Qatar Airways Group also made significant strides in expanding its global sponsorship portfolio during 2023/24. Major highlights include the Group’s inaugural partnership as the Global Airline Partner of Formula 1®, becoming the Official Global Airline Partner of the top-tier Italian football team, FC Internazionale Milano (Inter), renewing its existing partnership with FIFA until 2030, partnering with the Royal Challengers Bangalore (RCB) cricket team in the Indian Premier League (IPL), and the Group’s role as the Official Strategic Partner for Expo 2023 Doha.

A Bright Future Ahead

Minister of State for Energy and Qatar Airways Group Chairman, His Excellency Engr. Saad Bin Sharida Al-Kaabi 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.”

Qatar Airways Group Chief Executive Officer Engr. Badr Mohammed Al-Meer said, “These very strong financials are a testament to the ambition and clear direction that have informed the Qatar Airways Group’s progress throughout the 2023/24 financial year.”

Indeed, Qatar Airways’ future looks bright as it continues to soar to new heights. With its strong financial performance, expanding global reach, and commitment to customer experience, the sky is truly the limit for this leading airline group.