Qatar Airways Group Reports Record Revenues with Strong Profits

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% compared to last year.

Passenger revenue increased by 100% over last year, on a capacity increase of 31% driven by 9% higher yields and a load factor of 80% – 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% 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.

Qatar Airways Cargo maintained its position as the world’s 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.

The Group generated strong EBITDA Margin of 23% 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.