Qatar Airways Group has reported a strong financial performance for fiscal year 2022/23 posting a net profit of QAR 4.4 billion ($1.21 billion) and a 45% increase in overall revenue to QAR 76.3 billion ($ 21.0 billion).
The airline credits the positive results to its successful strategy during an extraordinary year as FIFA’s Official Partner and Official Airline of the FIFA World Cup Qatar 2022.
Passenger revenue increased by 100% over last year, on a capacity increase of 31% driven by 9% higher yields and a load factor of 80% – both highest in the airline’s history, resulting in a sustainable increase in market share. Qatar Airways carried 31.7 million passengers, an increase of 71% over last year.
Qatar Airways Cargo was also described as having maintained its position as “the world’s leading air cargo carrier throughout the 2022/23 financial year, forging ahead with a strategic focus on growth, sustainability and digitalisation, and supporting the continuity of global trade despite ongoing market challenges”.
The Group’s EBITDA Margin was 23% at QAR 17.8 billion ($ 4.9 billion). EBITDA was higher than the previous year by QAR 110 million (US$ 30.2 million) due to what the airline described as “streamlined, agile, and fit-for-purpose operations across all business areas”.
Minister of State for Energy and Qatar Airways Group Chairman, His Excellency Mr. Saad Bin Sharida Al-Kaabi, said: “I am delighted to announce that Qatar Airways Group has demonstrated another remarkable annual performance. Qatar’s transportation sector is an emblem of its interconnectivity, connecting people from around the world and increasing business connections throughout the region. Qatar is proud to have hosted fans from around the world during the FIFA World Cup Qatar 2022, delivering one of the best FIFA World Cups in history. Qatar has set an unparalleled benchmark for tournament security and safety, creating a family-friendly destination of choice.”
Qatar Airways Group Chief Executive, His Excellency Mr. Akbar Al Baker, said: “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. Profitability has been driven by a 100 per cent increase in passenger revenues in the last year. Load factors exceeding 80 per cent, and the current yield levels are the highest in our history. As the global travel recovery from the COVID-19 pandemic continues, we have managed to retain the high levels of trust, reliability and confidence with our customers. As a result, we maintained our position as the airline of choice for millions of passengers worldwide and our team carried 31.7 million passengers, which is an increase of 71 per cent over last year.”