Qatar Airways Group reported a net profit of $1.21 bn during the fiscal year 2022-23 riding high on the huge traffic influx during the FIFA World Cup. The Group reported an overall increase of 45% in revenue to close at $21bn.
Passenger revenue was up by 100% over last year, on a capacity increase of 31% driven by 9% higher yields and a load factor of 80%, highest in the airline’s history, resulting in a sustainable increase in market share, the airline said in its statement.
The airline it ferried 31.7 million passengers during the period, an increase of 71% over the same period last year.
The group generated strong EBITDA margin of 23% at $4.9 bn.
The airline expanded its network to over 160 destinations in 2022-23 and resumed operations to 12 destinations namely Amritsar, India; Beijing, China; Denpasar, Indonesia; Qassim, Saudi Arabia; Geneva, Switzerland; London Gatwick, UK; Nagpur, India; Perth, Australia; Sarajevo, Bosnia and Herzegovina; Shanghai, China; Taif, Saudi Arabia, and Windhoek, Namibia. The airline also launched two new routes to Dusseldorf, Germany, and Santorini, Greece.
“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,” commented Qatar Airways Group Chief Executive, Akbar Al Baker. “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.”
Over the period of the World Cup, Qatar Airways operated 14,000 flights bringing more than 2.4 million fans to Qatar.