Qatar Airways Group reported today that it achieved profits worth QR 4.4 billion ($1.21 billion) during fiscal year 2022-2023.
The company published its annual report for fiscal 2022-2023, which showed strong results thanks to an exceptional year that saw the group be FIFA's official partner and official airline for the FIFA World Cup Qatar 2022, in addition to the wide range of premium products it offers to meet customer needs.
Overall revenue increased to QAR 76.3 billion (US$ 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 airlines 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. Privilege Club, the Qatar Airways loyalty programme, also witnessed significant growth in numerous new global and local partnerships, and enhanced proposition and revenues supported by the adoption of Avios as its currency. Privilege Club members now have the ability to access Qatar Airways Group using the Avios currency for payment in Qatar Duty Free, Discover Qatar, and Qatar Holidays, in addition to the existing list of leading global brands.
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.
Source: Qatar News Agency