Qatar Airways Group reports net profit of QAR3.736bn in first half of financial year

Qatar Airways Group reports net profit of QAR3.736bn in first half of financial year

QLNews
By QLNews

Qatar Airways Group reported a strong financial performance during the first half of 2023-24.

Qatar’s premier airlines group reported a net profit of QAR3.736bn ($1.026bn), which represented an increase of 113.8% compared to the same period in the previous year.

Their total revenue for the first half of the new fiscal year increased to QAR40.126bn ($11.019bn), up 7.4% compared to the same period in 2022-23. Passenger revenues rose 28.5% year-on-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 increased to 19.078m, representing an increase of 22.5% compared to the same period last year.

A key reason for the airlines’ commercial success was the innovative partnership forged within Oneworld, as well as other global strategic alliances in Australasia, Europe and China.

Fleet expansion and loyalty programmes were also pivotal for the growth of the Qatar Airways Group. The company currently has 150 aircraft in its fleet to fulfil the increasing demand for passenger and freight traffic.

Despite the good show, there are a number of headwinds facing the Group for the remainder of the year including geopolitical tensions, which could have an adverse impact on passenger demand for air travel. Meanwhile, the cost of fuel remains the single largest concern. However, management expects the strong results to continue in the second half of the year.

Qatar Airways Group Chief Executive Akbar Al Baker, said: “Qatar Airways Group is a unique business that continues to perform at the highest level in the aviation industry. The 2022 FIFA World Cup created a solid base on which to build Qatar’s ambition to grow as a leading tourism destination in the Middle East. It is a destination that focuses on refinement, culture, value and customer service.

“The interim results this year indicate that the Group is tracking towards another very strong year, which builds upon over $2.750bn cumulative profits from the previous two years,” he said.

The Group’s EBITDA margin of 26.9% for the year’s first six months improved by 4.9% compared to the same period last year at QR10.779bn ($2.960bn). EBITDA was higher than in the same period last year 2022/2023 by QR2.641m ($0.725m).

In early March, the company announced a number of new routes including Chittagong, Juba, Kinshasa, Lyon, Medan, Toulouse, and Trabzon.

Qatar Airways also announced the resumption of flights to 11 destinations — Beijing, Birmingham, Buenos Aires, Casablanca, Davao, Marrakesh, Nice, Osaka, Phnom Penh, Ras Al-Khaimah, and Tokyo Haneda.

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