QATAR. Qatar Airways Group posted net profit of QAR4.4 billion (US$1.21 billion) during the year to 31 March, with revenues climbing by +45% to QAR76.3 billion (US$21 billion), a new record.
Passenger revenue doubled over last year, on a capacity increase of +31% driven by +9% higher yields and a load factor of 80% – both figures the highest in the airline’s history. This, said the group, helped it gain market share in the year.
Qatar Airways carried 31.7 million passengers, an increase of +71% over last year.
As reported previously, Qatar Duty Free posted record-high revenues for the financial year, with sales up +59% compared to 2021-2022 and an impressive +45% over 2019-2020.
In its annual results announcement the group stated: “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, delivered significant growth with 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 brands.
The group generated strong EBITDA Margin of 23% at QAR17.8 billion (US$4.9 billion). EBITDA was higher than the previous year by QAR110 million (US$30.2 million) due to streamlined operations across all business areas, it said.
Qatar Airways’ network grew to more than 160 destinations in 2022/23. Qatar Airways resumed operations to 12 destinations, namely Amritsar, India; Beijing, China; Denpasar, Indonesia; Qassim, Saudi Arabia; Geneva, Switzerland; London Gatwick, UK; Nagpur, India; Perth, Australia; Sarajevo, Bosnia and Herzegovina; Shanghai, China; Taif, Saudi Arabia and Windhoek, Namibia. In 2022/23, the airline launched two new routes to Duesseldorf, Germany; and Santorini, Greece.
Minister of State for Energy and Qatar Airways Group Chairman, His Excellency Mr. Saad Bin Sharida Al-Kaabi, said: “I am delighted to announce that Qatar Airways Group has demonstrated another remarkable annual performance. Qatar’s transportation sector is an emblem of its interconnectivity, connecting people from around the world and increasing business connections throughout the region.
“Qatar is proud to have hosted fans from around the world during the FIFA World Cup Qatar 2022, delivering one of the best FIFA World Cups in history. Qatar has set an unparalleled benchmark for tournament security and safety, creating a family-friendly destination of choice.”
Qatar Airways Group Chief Executive, His Excellency Mr. 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% increase in passenger revenues in the last year. Load factors exceeding 80%, 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% over last year.”
The airline credited the positive results in part to “an extraordinary year” as FIFA’s Official Partner and Official Airline of the FIFA World Cup Qatar 2022.
Over the period of the tournament, Qatar Airways operated some 14,000 flights bringing more than 2.4 million fans from all continents to Qatar. Five billion fans engaged with the FIFA World Cup Qatar 2022 across the tournament delivering vast media return on investment to the Qatar Airways brand and more than +63% media return than the 2018 FIFA World Cup Russia. The social media engagement of the tournament increased followers by more than +83%.
Hamad International Airport (HIA) Phase B expansion started in January 2023, and will see airport capacity increase to 70 million passengers annually. At the 2023 Skytrax World Airport Awards, HIA was ranked the Second-Best Airport in the World and World Best Airport Shopping. Additionally, HIA was ranked Best Airport in the Middle East for the ninth time in a row.
*As reported earlier, Qatar Duty Free, the multiple-award winning travel retailer at HIA, has signed as a Platinum Partner for The Trinity Forum 2023, which takes place on 25-26 October in Hong Kong. Click here for more. ✈
