Qatar Airways reports record revenues of $21 billion

Qatar Airways Group posted strong financial results on Wednesday for the fiscal year 2022/2023 (FY22/23), with record-breaking revenues of $21 billion (QAR 76.3 billion).

The group registered $1.21 billion (QAR4.4 billion) in net profit, with a 45% upsurge in consolidated revenue compared to the preceding year, at $21 billion (QAR 76.3 billion).

Qatar

This significant growth was primarily driven by a 100% increase in passenger revenue, supported by a capacity expansion of 31%, a 9% rise in yields, and an 80% load factor, the highest in the carrier’s history.

As a result, Qatar Airways’ market share saw sustainable growth in FY22/23, serving 31.7 million passengers, a 71% rise compared to the previous year.

The group posted a strong EBITDA Margin of 23%, at $4.9 billion (QAR17.8 billion), an increase of $30.2 million (QAR110 million) compared to the previous year.

The positive earnings highlight Qatar Airways’ effective management across all business areas, which contributed to the expansion of its passenger and cargo network, as well as boosting customer and trade loyalty and product excellence while maintaining effective cost control.

According to the company, the record results can be attributed to a combination of factors, including its strategic approach as FIFA’s Official Partner and Official Airline of the FIFA World Cup Qatar 2022, its dedication to enhancing customer experiences, embracing digitalisation, promoting sustainability, and fostering loyalty.

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“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,”

Qatar Airways Group Chief Executive, HE Akbar Al Baker said, emphasising that the carrier maintained high levels of trust, reliability, and customer confidence, solidifying its position as the preferred airline for millions of passengers worldwide.

The Qatari flag carrier, Qatar Airways, proved its agility and efficiency during the FIFA World Cup Qatar 2022™ by operating approximately 14,000 flights and transporting over 1.4 million fans across its network, facilitating one of the most successful editions in the tournament’s history.

The tournament garnered extensive media coverage, resulting in substantial returns on investment for the Qatar Airways brand, surpassing the media engagement of the 2018 FIFA World Cup Russia™ by over 63%.

During the fiscal year, the airline expanded its network to over 160 destinations, resuming operations in thirteen destinations including Amritsar, India; Beijing, China; Denpasar, Indonesia; Geneva, Switzerland; London Gatwick, UK; Luxor, Egypt; Nagpur, India; Perth, Australia; Qassim, Saudi Arabia; Sarajevo, Bosnia, and Herzegovina; Shanghai, China; Taif, Saudi Arabia; and Windhoek, Namibia.

Moreover, the carrier launched two new routes to Dusseldorf, Germany; and Santorini in Greece,  further enhancing travel choices and connectivity for passengers.

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Qatar Airways’ loyalty programme, Privilege Club, saw substantial growth over the reported period, marked by the establishment of several global and local partnerships, and enhanced propositions and revenues driven by the adoption of Avios as its currency.

Privilege Club members can use Avios for payments at Qatar Duty-Free, Discover Qatar, Qatar Holidays, and a range of renowned international brands

Qatar Airways also solidified its partnerships in the sports industry, enhancing its collaboration with renowned global sporting clubs such as Paris Saint-Germain, FC Bayern München, Al Sadd SC, and the Qatar National Football team.

Furthermore, the airline entered a five-year partnership as the Global Airline Partner of the Formula 1® racing series, adding brand presence to 21 races and becoming the title sponsor of two races annually, including the F1® Qatar Airways Grand Prix Qatar 2023.

Additionally, Qatar Airways became the official airline partner of the United Rugby Championship and European Professional Club Rugby competitions, connecting key markets in Western Europe and South Africa.

Over and above, the airline further expanded its presence by becoming the official front-of-jersey partner for the Royal Challengers Bangalore, a prominent team in the Indian Premier League.

The group’s air freight wing, Qatar Airways Cargo, maintained its position as the leading global air cargo carrier throughout the 2022/2023 fiscal year, proficiently navigating market challenges through a strategic focus on growth, sustainability, and digitalisation.

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Despite the ongoing disruptions, the carrier ensured the continuity of global trade, showcasing its commitment to supporting vital supply chains.

Qatar Airways’s VIP charter jet division, Qatar Executive, experienced significant year-over-year growth, with increased commercial sales revenue, flying hours, fleet expansion, and notable arrivals and departures at the Doha International Airport QE Premium Terminal.

Hamad International Airport

Hamad International Airport (HIA), the airline’s hub situated within a six-hour flight from more than 80% of the global population proved to be an ideal hub for business and leisure travellers.

In January, a major expansion project was launched to increase the airport’s annual capacity to accommodate 70 million passengers every year.

Moreover, HIA ranked as the world’s Second-Best Airport and the Best Airport for Shopping at the prestigious 2023 Skytrax World Airport Awards.

Furthermore, the airport maintained its position as the Best Airport in the Middle East for the ninth consecutive year.

Wole Shadare