Qatar Airways Group has once again demonstrated robust financial performance, announcing a net profit of QR4.4bn during the fiscal year 2022/23. The national airline achieved significant growth, with overall revenue reaching QR76.3bn, a remarkable increase of 45% compared to the previous year. Passenger revenue played a key role in this success, soaring by 100% year-on-year, supported by a 31% capacity increase. The airline achieved its highest-ever load factor of 80% and saw a nine percent increase in yields, contributing to a sustainable expansion of its market share.
The exceptional performance of Qatar Airways was also reflected in the significant growth of its customer base, as the airline transported 31.7 million passengers during the fiscal year, marking an impressive 71% increase compared to the previous year. This achievement can be attributed to the airline’s unwavering focus on customer experience, loyalty, digitalization, and sustainability, which have solidified its position for future growth and success.
Qatar Airways loyalty program, Privilege Club, witnessed substantial growth through the establishment of numerous new global and local partnerships. The program also enhanced its proposition and revenues by adopting Avios as its currency. Furthermore, Qatar Airways Cargo maintained its position as the world’s leading air cargo carrier throughout the fiscal year, demonstrating a strategic commitment to growth, sustainability, and digitalization. Despite ongoing market challenges, the cargo division supported global trade continuity and contributed to the airline’s overall success.
The Group achieved a strong EBITDA Margin of 23% at QR17.8bn, surpassing the previous year by QR110mn. This impressive performance can be attributed to streamlined and agile operations across all business areas, ensuring efficient and cost-effective practices.
As the national carrier of the State of Qatar, Qatar Airways played a pivotal role in successfully transporting 1.4 million passengers to the FIFA World Cup Qatar 2022, demonstrating its agility and responsiveness. The airline expanded its network to over 160 destinations during the fiscal year, resuming operations in 12 destinations, including Amritsar, Beijing, Geneva, London Gatwick, Nagpur, Perth, and Shanghai, among others. Additionally, Qatar Airways introduced two new routes to Dusseldorf, Germany, and Santorini, Greece, offering passengers increased travel choices and improved connectivity.
Commenting on the exceptional performance, HE the Minister of State for Energy and Qatar Airways Group Chairman, Saad bin Sharida al-Kaabi, expressed his delight and highlighted Qatar’s transportation sector as a symbol of interconnectivity and business growth. He also praised Qatar’s successful hosting of the FIFA World Cup 2022, noting the country’s commitment to security, and safety, and providing a welcoming destination for visitors from around the world.
HE Akbar al-Baker, Qatar Airways Group Chief Executive, credited the strong financial results to the team’s ability to meet the surging passenger demand and the airline’s continuous network growth and market leadership. He emphasized the significant increase in passenger revenues, driven by load factors exceeding 80% and record-high yield levels. Al-Baker emphasized the airline’s unwavering commitment to maintaining trust, reliability, and customer confidence, which have solidified Qatar Airways as the preferred choice for millions of passengers worldwide.
As the global travel industry continues to recover from the impact of the Covid-19 pandemic, Qatar Airways remains dedicated to providing exceptional service and upholding its position as a leader in the airline industry. The airline’s remarkable performance during the fiscal year serves as a testament to its commitment to excellence and the trust it has earned from its valued customers. With a 71% increase in passenger numbers, Qatar Airways is poised to build on its success and continue its journey of growth and innovation.