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Qatar Airways Group Reports Strong 2023/2024 First Half Year Financial Performance

The Group’s net profit, EBITDA, passenger revenues, on-time performance and load factors all demonstrate strong growth

Doha, Qatar – Qatar Airways Group today reports a strong financial performance for the first half of 2023/2024. 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 Group reported a net profit of QAR 3.736 billion (US$ 1.026 billion) for first half of fiscal year 2023/2024 which represents an increase of 113.8% compared to the same period last year 2022/2023. The Group’s total revenue for first half of fiscal year 2023/2024 increased to QAR 40.126 billion (US$ 11.019 billion), up 7.4% compared to the same period last year 2022/2023. Passenger revenues rose 28.5% over the last year with increased load factors of 83.3% generating higher yields of 3.6%. 

 

Qatar Airways total passenger count for the first six months ending September-2023 increased to 19.078m, representing an increase of 22.5% compared to the same period last year. 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.

 

There are a number of headwinds facing the Group for the remainder of the year including geopolitical tensions in a number of parts of the world. 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$ 2.750bn 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 2022/2023 by 4.9 percentage points at QAR 10.779 billion (US$ 2.960 billion). EBITDA was higher than the same period last year 2022/2023 by QAR 2.641 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 to date. 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 10 new destinations have been identified additionally for 2024.

About Qatar Airways

A multiple award-winning airline, Qatar Airways won the ‘World’s Best Business Class’ for the tenth time at the 2023 World Airline Awards, managed by the international air transport rating organisation, Skytrax. The airline continues to be synonymous with excellence, also taking home, Best Airline in the Middle East, World's Best Business Class Lounge and World's Best Business Class Lounge Dining at the prestigious awards held during the 2023 Paris Air Show. Qatar Airways is an unprecedented seven-time winner of the “World’s Best Airline” voted by Skytrax (2011, 2012, 2015, 2017, 2019, 2021 and 2022). As leaders in industry innovation and digital adoption, Qatar Airways was recently voted the world’s best airline website by World Travel Tech Awards.

Qatar Airways currently flies to more than 170 destinations worldwide, connecting through its Doha hub, Hamad International Airport, voted by Skytrax as the ‘World’s Best Airport’ in 2021 and 2022 consecutively. This year, Hamad International Airport has been ranked by Skytrax as the second-best airport in the world, and received the ‘Best Airport in the Middle East’ accolade for the ninth time in a row, as well as ‘World’s Best Airport Shopping’.

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