DOHA- In the first half of the fiscal year 2023/2024, Qatar Airways (QR) Group posted a net profit of QAR 3.736 billion (equivalent to US$ 1.026 billion), marking a substantial increase of 113.8% when compared to the corresponding period in 2022/2023.
Qatar Airways Group has achieved ambitious yet sustainable network growth throughout the year, which will generate long-term economic benefits for Qatar, numerous global partners, and destination countries.
Qatar Airways Profit Report
The Qatar Airways Group announces a robust financial performance for the first half of 2023/2024.
During the first half of the fiscal year 2023/2024, the Group experienced a rise in its total revenue, which reached QAR 40.126 billion (equivalent to US$ 11.019 billion).
This marked a notable increase of 7.4% compared to the corresponding period in 2022/2023. Moreover, passenger revenues surged by 28.5% compared to the previous year, driven by increased load factors of 83.3%, leading to higher yields of 3.6%.
In the first six months ending in September 2023, Qatar Airways observed a significant boost in its total passenger count, reaching 19.078 million.
This marked an impressive increase of 22.5% when compared to the corresponding period in the previous year.
A crucial factor contributing to the company’s commercial success has been the establishment of innovative partnerships within the oneworld alliance, as well as strategic alliances in Australasia, Europe, and China, among other regions.
Growth of Qatar Airways
Expanding the fleet and enhancing loyalty programs play a crucial role in Qatar Airways Group’s growth strategy. They have approximately 150 aircraft in the pipeline to meet the growing demand for both passenger and freighter traffic.
The achievement of these results can also be attributed to operational efficiencies, innovation initiatives, and ongoing staff development.
The majority of the airline’s A350 fleet has almost finished returning to service, leading to an overall 18% increase in Available Seat Kilometers (ASK) compared to the same period last year.
Upcoming Challenges
Qatar Airways Group is facing several challenges for the rest of the year, including geopolitical tensions that could affect passenger demand and operational constraints.
The cost of fuel remains a major concern, and exchange rate fluctuations due to a strong US Dollar have impacted performance.
Despite these obstacles, the Group has improved on-time performance to its highest levels in recent years through various operational measures.
Qatar Airways Group Chief Executive, Mr. Akbar Al Baker, is optimistic about the company’s performance and its role in Qatar’s growth as a tourism destination.
The Group’s EBITDA margin for the first six months of 2023/2024 improved by 4.9 percentage points, reaching QAR 10.779 billion (US$ 2.960 billion), showing strong financial results.
Additionally, the company has announced new routes and resumptions, signaling continued growth and expansion in 2024.
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