Qatar Airways Group reports record revenues with strong profits as expansion continues

Qatar Airways Group has again reported a strong financial performance as the Official Airline Partner of the FIFA World Cup Qatar 2022™ publishes its annual report for 2022/23. The airline credits the positive results to its successful strategy during an extraordinary year for the Group as FIFA’s Official Partner and Official Airline of the FIFA World Cup Qatar 2022™ along with its premium product focused on delivering world-class customer experience as well as the commitment of its worldwide employees. 

Qatar Airways Group reported a net profit of QAR 4.4 billion (US$1.21 billion) during the fiscal year 2022/23. Overall revenue increased to QAR 76.3 billion (US$21.0 billion), up 45 per cent compared to last year. Passenger revenue increased by 100 per cent over last year, on a capacity increase of 31 per cent driven by nine per cent higher yields and a load factor of 80 per cent – 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 per cent over last year. The continued focus on customer experience, loyalty, digitalisation, and sustainability has placed Qatar Airways on a strong platform for the future. 

The Group generated strong EBITDA Margin of 23 per cent at QAR 17.8 billion (US$4.9 billion). EBITDA was higher than the previous year by QAR 110 million (US$ 30.2 million) due to streamlined, agile, and fit-for-purpose operations across all business areas. These positive earnings reflect the expansion of the Qatar Airways’ passenger and cargo networks, and deliver on the commitment to build further customer and trade loyalty and product excellence combined with strong cost control.

As the national carrier of the State of Qatar, the FIFA World Cup Qatar 2022™ proved to the world its agile response by transporting 1.4 million passengers to the hugely successful event on its network. Qatar Airways network grew to more than 160 destinations in 2022/23. Qatar Airways resumed operations to thirteen destinations namely 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 in 2022/23, the airline launched two new routes to Dusseldorf, Germany; and Santorini, Greece, providing more travel choices and greater connectivity for its passengers.