Qatar Airways Group has reported a net profit of US$ 1.21 billion (Sh. 171.82 billion) during the 2022-23 financial year.
This came as overall revenue increased by 45 per cent to US$ 21.0 billion (Sh. 2.9 trillion).
Passenger revenue increased by 100 per cent over last year, on a capacity increase of 31 per cent driven by nine per cent higher yields and a load factor of 80 per cent – both highest in the airline’s history, resulting in a sustainable increase in market share.
During the year under review, Qatar Airways carried 31.7 million passengers, an increase of 71 per cent over last year.
“The continued focus on customer experience, loyalty, digitalization, and sustainability has placed Qatar Airways on a solid platform for the future,” the airline said in a statement.
Kenyan man running successful mukimo business in Qatar
Privilege Club, the Qatar Airways loyalty programme, also witnessed significant growth in numerous new global and local partnerships and enhanced propositions and revenues supported by the adoption of Avios as its currency.
Privileged Club members now can access Qatar Airways Group using the Avios currency for payment in Qatar Duty-Free, Discover Qatar, and Qatar Holidays, in addition to the existing list of leading global brands.
The Group generated a strong EBITDA Margin (Earnings before interest, taxes, depreciation, and amortization) of 23 per cent US$ 4.9 billion.
EBITDA was higher than the previous year by US$ 30.2 million due to streamlined, agile, and fit-for-purpose operations across all business areas.
“These positive earnings reflect the expansion of Qatar Airways’ passenger and cargo networks and deliver on the commitment to build further customer and trade loyalty and product excellence combined with strong cost control,” the airline said.
As the national carrier of the State of Qatar, the FIFA World Cup Qatar 2022™ Qatar Airways transported 1.4 million passengers.
In the year under review Qatar Airways network grew to more than 160 destinations in 2022/23.
“This year’s strong financial results are attributed to the 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,” Qatar Airways Group Chief Executive, His Excellency Mr. Akbar Al Baker, said.
“Profitability has been driven by a 100 per cent increase in passenger revenues in the last year. Load factors exceeding 80 per cent, and the current yield levels are the highest in our history.”
It resumed operations to thirteen destinations, namely 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.
The airline also launched two new routes to Dusseldorf, Germany; and Santorini, Greece.
“I am 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 worldwide and increasing business connections throughout the region,” Qatar Airways Group Chairman, Mr Saad Bin Sharida Al-Kaabi, said.
Located conveniently within a six-hour flight from more than 80 per cent of the world’s population, Hamad International Airport (HIA) is ideal for business or leisure travellers.
Hamad International Airport Phase B expansion started in January 2023, and airport capacity will increase to 70 million passengers annually. At the 2023 Skytrax World Airport Awards, HIA was ranked the Second-Best Airport in the World and World’s Best Airport Shopping. Additionally, HIA was ranked the Best Airport in the Middle East for the ninth time.
