Qantas records annual results for the 2024 financial year

The Qantas Group has posted a 28% reduction in post-tax profit to AUD $1.25 billion ($849 million) for the 2024 financial year. The group recorded an operating cash flow of AUS $3.4 billion ($2.3 billion) along with a net capital expenditure of AUD $3.1 billion ($2.1 billion). The group's underlying profit before tax was down AUD $367 million ($249.2 million) to AUD $2.07 billion ($1.83 billion) when compared to the 2023 annual results. Speaking at an investor and analyst briefing on the annual results, Qantas CEO Vanessa Hudson commented: “This is a strong result, as we have communicated many times our main focus has been about getting the balance right across all of our stakeholders, our customers, people and our shareholders.” She continued: “Whilst there is still work to do, we have made significant progress in what has been a short period of time. We have invested in customer AUD $230 million ($156.2 million) of additional investment this year.” Looking more specifically at within the group, Qantas domestic – the regional arm of the airline – saw a revenue of AUD $7.2 billion ($4.8 billion) an increase of 4% when compared to results seen in the 2023 financial year. Qantas domestic posted an underlying EBIT of AUD $1.06 billion ($719.9 million). Unit costs increased during the period – up by 4%- in comparison to the year prior. Qantas states that ""dnamic capacity management” led to a 5% increase in RASK in the second half of the financial year when compared to the second half of 2023. Similarly - along with RASK - ASK grew by 1% for Qantas domestic. Hudson commented further on the future of the airline’s fleet - noting that Qanats is expected to take delivery of its first A321XLR aircraft in April 2025. Adding to the news that the XLR aircraft is expected to commence operations next year, Qantas chief financial officer, Rob Marcolina, said: “We are entering a significant and exciting period for fleet renewal for the group, and we are on track to receive 40 new aircraft in the next 2 years which is equivalent to one aircraft being delivered every three weeks” Discussing results from Qantas international operations, Hudson reported a total revenue of AUD $8.6 billion ($5.84 billion) an increase of 12% when compared to the financial year of 2023. Underlying EBIT was down by 39% to AUD $566 million ($377.6 million), freight performance was “disappointing” in the first half of the financial year, however this then stabilised during the second half. ASK increased by 30% during the period as global capacity continues to be restored, along with flying activity which reached 85% of pre-COVID baseline levels. The international network expanded with increased capacity and routes, including the introduction of services like Sydney to New York and the return of A380 aircraft. Along with results for Qantas, the groups other airline Jetstar saw positive revenues of AUD $4.9 billion for the 2024 financial year. This was a 16% increase in annual revenues for the low-cost provider in comparison to revenues from the 2023 financial year. The airline has an underlying EBIT of AUD $497 million ($337.5 million) for the year, as well as a maintaining an operating margin of 11%.