QATAR. Qatar Duty Free delivered record results in the financial year to 31 March, with sales turnover reaching an all-time high, up by +22% year-on-year and climbing more than +82% compared to the 2019/20 fiscal year.
The performance was detailed as part of Qatar Airways Group’s annual results announcement today. The group turned in the strongest financial performance in its 27-year history, announcing record profits of QAR6.1 billion (US$1.7 billion) for the financial year to 31 March 2024.
Group revenue reached QAR81 billion (US$22.2 billion), representing an increase of +6% year-on-year. Qatar Airways carried more than 40 million passengers during the 2023/24 fiscal year, an increase of +26% over the previous year.
In the annual report, Qatar Airways Group hailed a “milestone year” for Qatar Duty Free.
“QDF’s success was driven by a clear vision and a partnership-led approach that contributed to the airport’s burgeoning reputation as an iconic global retail location,” said Qatar Airways Group.
The annual report highlighted high-profile openings including Souq Al Matar, featuring seven shops and two restaurants and representing “a groundbreaking twist on traditional Qatari heritage and hospitality”.
Qatar Airways Group stated: “Doubling-down on its pledge to offer ‘something for everyone’, 2023 saw QDF unveil a range of exclusive concepts, new openings, and animations that strengthen the airport’s offering across all budget levels.
“The opening of the world’s first Louis Vuitton Lounge by Yannick Alléno, situated above the brand’s boutique at the Central Concourse, went hand-in-hand with the opening of a new food court featuring five affordable international dining concepts, including Japanese, Indian, Italian and Belgian cuisines, that encapsulate the diversity and inclusivity of QDF’s approach.”
It also singled out a major three-day World Chocolate Day campaign last year in partnership with Venchi, and high levels of engagement and sales growth from a MAC Cosmetics National Lipstick Day campaign as brand partnership highlights.
Last week, Qatar Duty Free won several prestigious accolades at the Airport Food & Beverage + Hospitality Awards in Ontario, California, organised by The Moodie Davitt Report; these included Airport Food & Beverage Offer of the Year.
Qatar Airways Group generated an EBITDA margin of 24%, with the EBITDA figure reaching QAR19.1 billion (US$5.2 billion). around QAR1.2 billion (US$0.3 billion) higher than a year earlier,
Minister of State for Energy and Qatar Airways Group Chairman, His Excellency Engr. Saad Bin Sharida Al-Kaabi, said: “This latest remarkable annual performance demonstrates Qatar Airways Group’s flexibility and resilience in successfully navigating a constantly evolving global travel industry, and indicates a strong and sustained rebound from the challenges faced by the sector in recent years.”
Qatar Airways Group Chief Executive Officer, Engr. Badr Mohammed Al-Meer, said: “These very strong financials are a testament to the ambition and clear direction that has informed the Qatar Airways Group’s progress throughout the 2023/24 financial year.
“Our continued focus on profitability, efficiency and customer experience have been underpinned by a strategic programme of network growth and fleet expansion, resulting in the highest revenues and profit margins in the history of the airline. We also cemented our undisputed role as a key industry leader, maintaining our position as the airline of choice for millions of passengers worldwide.
“This incredible achievement is in no small part thanks to the collective endeavour of the entire Qatar Airways Group family who have worked tirelessly to achieve such stellar results. We must now use this as a foundation on which to build our continued success.” ✈
