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The Qatar Airways Group has reported its strongest ever financial performance with annual net profit hitting 6.1 billion riyals ($1.7 billion) for the financial year ending 31 March 2024, representing a 32.4% year-on-year increase from $4.4 billion in 2023.
Group revenues reached QAR81 billion ($22.2 billion) for the financial year 2023/24, representing an increase of QAR4.7 billion ($1.3 billion) or up 6% compared to the previous year.
The group generated an EBITDA margin of 24% at QAR19.1 billion ($5.2 billion), around QAR1.2 billion ($0.3 billion) higher than 2023.
According to Qatar Airways, its network growth and fleet expansion contributed to strong numbers.
“Our continued focus on profitability, efficiency and customer experience have been underpinned by a strategic programme of network growth and fleet expansion, resulting in the highest revenues and profit margins in the history of the airline”, CEO Badr Mohammed Al-Meer said in a statement.
Total assets saw an uptick to $163.6 billion from the previous year’s $151.8 billion.
Qatar Airways passenger load factor also hit 40 million, representing a 26% year-on-year increase. As a result, passenger revenue increased by 19%, with a capacity increase of 21%, driven by the airline’s load factor of 83%, the airline said.
On the cargo side, Qatar Airways saw an increase in its market share to 7.1% in 2023/24, up by 0.04% compared to the previous financial year.
The group’s business jet unit Qatar Executive (QE) reported an increase in commercial charter revenue of more than 17%.
Qatar Airways’ network grew to more than 170 destinations in 2023/24, with a focus on Saudi Arabia, Asia, and Europe markets.
The airline has been in talks to increase its order book, with a June report by Bloomberg stating Qatar Airways is considering ordering about 200 aircraft, which could be a mix of Airbus A350s and the Boeing 777X series. An order could be expected as early as the UK’s Farnborough Airshow taking place later this month.
The carrier is also looking at expansion through equity stake with CEO Al-Meer confirming to Reuters in May that the airline will soon announce an investment in an airline in southern Africa.
This was followed by RwandAir CEO Yvonne Makolo also confirming to UK daily, the Financial Times, last month that they expect Qatar Airways to finalise its purchase of a major stake in the central African country’s carrier as early as July.
(Writing by Bindu Rai, editing by Seban Scaria)
