Following a 39% yearly increase the previous year, Qatar Airways posted a record $1.7 billion net profit, the airline said in a statement on Tuesday. Additionally, the revenue of the state-owned Qatari national carrier climbed by $1.3 billion, or 6%, over the previous year. “The group reports the strongest financial performance in its 27-year history,” stated Qatar Airways.
A “rebound from the recent challenges facing the global travel industry” was the reason given by the airline for its more than 40 million passengers, a 26 percent rise over the previous year.
Qatar Airways reported a decline in earnings for the previous year, even though the airline transported fans to the World Cup held in the Gulf emirate, despite the airline recording record profits in 2022 despite the devastating effects of the Covid-19 outbreak.
Chief Executive Badr Mohammed Al-Meer said in a statement, “These very strong financials are a testament to the ambition and clear direction that has informed the Qatar Airways Group’s progress throughout the 2023/24 financial year.”
“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,” Al-Meer stated.
The Qatar Airways Group name is now synonymous with excellence thanks to the efforts of the Commercial team, which helped us grow revenue and market share, innovate to meet customer demand, and strengthen our competitive position. This was demonstrated by the airline’s 2023 World Airline Awards win as “Best Airline in the Middle East,” which was overseen by Skytrax.
In keeping with the Group’s continuous strategic goal of forging closer, more meaningful connections with people throughout the world, the brand further cemented its dominance of the social media space in 2023–2024. With over 47 million followers worldwide and the most followed airline on Facebook, YouTube, and TikTok, the Group is now the most popular airline worldwide across all social media platforms.
During 2023–2024, Qatar Airways Group also achieved great progress in growing its worldwide sponsorship portfolio. Notable events include the Group’s first-ever partnership as the Official Global Airline Partner of Formula 1®, its designation as the Official Global Airline Partner of FC Internazionale Milano (Inter), the extension of its current partnership with FIFA through 2030, its affiliation with the Royal Challengers Bangalore (RCB) cricket team in the Indian Premier League (IPL), and the Group’s appointment as the Official Strategic Partner of Expo 2023 Doha, which greatly increased awareness of this historic event worldwide.
