Qatar Airways sees annual profit climb by 39% to record $1.67B
The Doha-based airline carried more than 40 million passengers over the 2023/2024 financial year, 26% more than over the previous year.
Qatar Airways Group posted on Tuesday a record profit of 6.1 billion Qatari riyals ($1.67 billion) for fiscal year 2024, a 39% jump from the previous year as the Gulf airline continues to rebound from the coronavirus pandemic and regional instability.
Total revenue was 81 billion riyals ($22.2 billion), a 6% increase of 4.7 billion riyals ($1.3 billion) from fiscal 2023. The group’s earnings before interest, taxation, debt and amortization (EBITDA) grew by 1.2 billion riyals ($300 million).
The Doha-based airline carried more than 40 million passengers over fiscal 2024, 26% more than the previous financial year. Moreover, passenger revenue increased by 19%. Qatar Airways’ load factor for the financial year — the figure indicating how full the planes’ seats are with passengers — was 83%.
"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," CEO Badr Mohammed Al Meer was quoted as saying in a statement from the carrier.
The Qatar Airways network increased to more than 170 destinations in fiscal 2024, adding Al Ula, Neom and Tabuk in Saudi Arabia; Lyon and Toulouse in France; Medan in Indonesia; and Trabzon in Turkey throughout the year.
Qatar Airways is aggressively expanding in Africa and is interested in buying a stake in an unnamed southern African airline, the Middle Eastern carrier’s CEO said in May. Qatar Airways also is closing in on a deal that would see it take a 49% stake in RwandAir, potentially this month, the central African carrier's CEO said June 17.
The Australian Financial Review reported June 26 that the Gulf airline was in talks to buy up to a 20% stake in Bain Capital-owned Virgin Australia.
