QATAR. Qatar Airways Group today reported net profit of QAR3.736 billion (US$1.026 billion) for the first half of its latest fiscal year (which runs to 31 March 2024), an increase of +113.8% compared to the same period last year.
Total revenue increased to QAR40.126 billion (US$11.019 billion), up +7.4% year-on-year. The group includes Qatar Airways, Hamad International Airport and Qatar Duty Free among other companies.
Qatar Airways’ passenger count for the first six months ending September 2023 increased to 19 million, representing an increase of +22.5% compared to the same period last year.
The company said the year to date “has been characterised by ambitious yet sustainable growth in the network that will deliver long-term economic value to Qatar, many global partners as well as destination countries”.
The return to service of the majority of the airline’s A350 fleet is near complete and has contributed to overall +18% higher Available Seat Kilometers (ASK) versus the same period last year.
Qatar Airways noted: “A key component of the commercial success of the business has been delivered through innovative partnerships within oneworld and through other global strategic alliances in Australasia, Europe and China in particular.
“Fleet expansion and loyalty programmes are pivotal to growth and Qatar Airways Group has around 150 aircraft on order to fulfil this increasing demand for passenger and freighter traffic. Operational efficiencies, innovation programmes and staff development have all additionally contributed to these results.”
The group added that “headwinds” for the remainder of the year include geopolitical tensions in a number of parts of the world.
A statement added: “This could have an impact on passenger demand for air travel, as well as potentially create operational constraints. The cost of fuel remains the single largest concern. Exchange rate fluctuations resulting from a strengthening US Dollar have impacted performance to date.
“A wide variety of operational measures have increased on-time performance to the highest levels experienced in recent years, which is a testament to the collaborative efforts of the leadership team. Management expects to continue the strong performance despite the headwinds in the second half of 2023-2024.”
Qatar Airways Group Chief Executive, His Excellency Mr. Akbar Al Baker, said: “Qatar Airways Group is a unique business that continues to perform at the highest level in the aviation industry. The FIFA World Cup Qatar 2022 created a very solid base on which to build Qatar’s ambition to grow as a leading tourism destination in the Middle East, one that focuses on refinement, culture, value and customer service and therefore being a family orientated destination.
“The interim results this year indicate that the group is tracking towards another very strong year, which builds upon over US$2.75 billion cumulative profits from the previous two years.”
The Group’s EBITDA margin of 26.9% for first six months of fiscal year 2023/2024 improved compared to same period last year by 4.9 percentage points at QAR10.779 billion (US$2.960 billion). EBITDA was higher than the same period last year 2022/2023 by QAR2.641 million (US$0.725 million).
In early March the company announced a number of new routes including Chittagong, Juba, Kinshasa, Lyon, Medan, Toulouse, and Trabzon, most of which services have commenced. Qatar Airways also announced resumptions to 11 destinations: Beijing, Birmingham, Buenos Aires, Casablanca, Davao, Marrakesh, Nice, Osaka, Phnom Penh, Ras Al-Khaimah, and Tokyo Haneda. Up to ten new destinations have been identified for 2024.
As reported, Akbar Al Baker is stepping down from the role on 5 November to be succeeded by Engr. Badr Mohammed Al-Meer as Group Chief Executive for Qatar Airways. Click here for our tribute to Al Baker, a pioneering force in the aviation industry. ✈
