The group posted the best financial performance in its 27-year history,” according to a press release.
Photo: KEYSTONE/WALTER BIERI
Qatar Airways announced on Tuesday that it had posted a record net profit of $1.7 billion (€1.58 billion) for its 2023/2024 financial year, up 39% year-on-year, with revenue up 6%.
“The group is posting the best financial performance in its 27-year history,” the company said in its press release, adding that it had transported more than 40 million passengers, a jump of 26% compared to the previous financial year.
‘These very strong financial results are testament to the ambition and clear direction that has guided Qatar Airways Group’s progress throughout the 2023-24 financial year,’ said Chief Executive Officer Badr Mohammed Al-Meer.
The previous financial year had been disappointing, with net profit falling 21% to $1.21 billion, despite Qatar hosting the FIFA World Cup from November 21 to December 18, 2022.
‘Our continued focus on profitability, efficiency and customer experience has been supported by a strategic programme of network growth and fleet expansion, which has generated the highest revenues and profit margins in the airline’s history,’ added Badr Mohammed Al-Meer Al-Meer.
In the 2021-2022 financial year, Qatar Airways had already posted a record annual profit of $1.54 billion, after two years of losses due to the Covid-19 pandemic.
In September 2021, the airline received $3 billion in state aid. It had also been bailed out by the gas-rich state the previous year, to the tune of $2 billion.
/ATS
