Qatar Airways reports record revenues
Qatar Airways Group has reported a strong financial performance in its annual report for 2022/23.
The airline reported a net profit of QAR 4.4 billion (US$ 1.21 billion) during the…
Qatar Airways Group has reported a strong financial performance in its annual report for 2022/23.
The airline reported a net profit of QAR 4.4 billion (US$ 1.21 billion) during the fiscal year 2022/23, and 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 9 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.
FIFA World Cup Qatar 2022
The airline credits the positive results to its strategy as FIFA’s Official Partner and Official Airline of the FIFA World Cup Qatar 2022 along with its premium product focused on delivering an exclusive customer experience.
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.
Qatar Airways Cargo maintained its position as a leading air cargo carrier throughout the 2022/23 financial year, forging ahead with a strategic focus on growth, sustainability and digitalisation, and supporting the continuity of global trade despite ongoing market challenges.
Strong passenger demand recovery
Qatar Airways Group Chief Executive, Akbar Al Baker, said: “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. 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.”
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