Qatar Airways continues expansion on back of record revenues, strong profits

Qatar Airways continues expansion on back of record revenues, strong profits

QLNews
By QLNews

Qatar Airways Group continued to exhibit a strong upward journey, reporting excellent performance during the 2022-23 financial year.

During its recently-published annual report, Qatar Airways Group revealed it reported a net profit of QR4.4bn ($1.21bn) during the fiscal year. Overall revenue also increased to QR76.3bn ($ 21bn), up 45% compared to the previous year.

The airline credited the exceptional growth to its position as FIFA’s Official Partner and Official Airline of the FIFA World Cup Qatar 2022. The great care it took in delivering world-class customer experience also helped.

Passenger revenue increased by 100% over the last year, on a capacity increase of 31% driven by 9% higher yields and a load factor of 80%. These numbers were the highest in the airline’s history and resulted in a sustainable increase in market share.

Qatar Airways carried 31.7 million passengers, an increase of 71% over last year. The airline’s continued focus on customer experience, loyalty, digitalisation, and sustainability has placed it on a strong platform for the future.

Qatar Airways loyalty programme — Privilege Club — also witnessed significant growth due to numerous new partnerships and the adoption of Avios as its currency, which users can use at Qatar Duty-Free, Discover Qatar and Qatar Holidays.

Qatar Airways Cargo maintained its position as the world’s leading air cargo carrier by forging ahead with a strategic focus on growth, sustainability and digitalisation.

The Group generated a strong EBITDA Margin of 23% at QR17.8bn ($4.9bn), thanks to its streamlined, agile, and fit-for-purpose operations across all business areas.

As the country’s national carrier, Qatar Airways transported 1.4 million passengers on its network during the FIFA World Cup Qatar 2022.

Qatar Airways network grew to more than 160 destinations in 2022-23, launching two new routes to Dusseldorf (Germany) and Santorini (Greece).

It also resumed operations in 13 cities — Amritsar (India), Beijing (China), Denpasar (Indonesia), Geneva (Switzerland), London Gatwick (UK), Luxor (Egypt), Nagpur (India), Perth (Australia), Qassim (Saudi Arabia), Sarajevo (Bosnia and Herzegovina), Shanghai (China), Taif (Saudi Arabia) and Windhoek (Namibia).

Qatar Airways Group Chairman HE Saad bin Sharida Al Kaabi, who is also Minister of State for Energy, said, “I’m 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,” he said.

“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,” added the top official.

Qatar Airways Group Chief Executive Akbar Al Baker was also pleased.

“This year’s strong financial results are attributed to 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,” he said.

“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’ve managed to retain 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. Our team carried 31.7 million passengers, which is an increase of 71% cent over last year,” added Al Baker.

Qatar Airways operated around 14,000 flights during the FIFA World Cup Qatar 2022, bringing more than 2.4 million fans from six continents to Qatar.

Five billion fans engaged with the tournament, thereby delivering vast media return on investment to the Qatar Airways brand. The tournament’s social media engagement increased followers by more than 83%.

Located conveniently within a six-hour flight from more than 80% of the world’s population, Hamad International Airport (HIA) is ideal for business or leisure travellers.

HIA’s Phase B expansion started in January 2023 and will see airport capacity increase to 70 million passengers annually. HIA was ranked the Second-Best Airport in the World and World Best Airport Shopping at the 2023 Skytrax World Airport Awards. HIA was also ranked Best Airport in the Middle East for the ninth time in a row.

Qatar Airways took its partnership with French football side Paris Saint-Germain to new heights in June 2022, signing a multi-year jersey deal for the star-studded side. Qatar Airways also continued its partnerships with FC Bayern Munchen, Al Sadd, Qatar national football team, Brooklyn Nets, and the Sydney Swans. 

Qatar Airways recently become the Global Airline Partner of the Formula 1 racing series. The five-year partnership will see the airline have a brand presence at 21 races and become the title sponsor of two races per year in addition to the F1 Qatar Airways Grand Prix Qatar 2023. 

Qatar Executive (QE), the VIP charter jet division of Qatar Airways, has also seen significant Year-Over- Year growth. This was represented by a tremendous increase in commercial sales revenue and total live flying hours, fleet growth, improvements made to better serve passengers flying with QE, and a record number of arrivals and departures at the Doha International Airport QE Premium Terminal.

2022-23 was also a great year for Discover Qatar. Through meticulous planning and extensive preparation, the team enhanced its customer-centric focus to deliver excellence.

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By goodlittleboy• 6 Jul 2023 18:51
goodlittleboy

They have a very experienced team of pilots. I know of one of them Captain Marco Giacchero who served Qatar Airways for several years and has recently retired. A great man who served the airline well. My hats off to you Marco if you are reading this.

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