Last year, Air New Zealand CEO Greg Foran said 2023 “was as good as it gets” for airlines. The combination of high demand and tight capacity pushed fares higher, lifting most carriers into the profit zone. This week, Qatar Airways announced its best financial performance in its 27-year history, generating a record profit of US$1.7 billion for the 2023/24 financial year.

A fine set of numbers

For the year ended March 31, 2024 (F23/24), Qatar Airways generated total revenue of $22.2 billion, a 6% or $1.3 billion increase compared to the previous year. The Group reported a strong EBITDA (earnings before interest, tax, depreciation, and amortization) margin of 24% at $5.2 billion, around $0.3 billion higher than FY2022/23.

Qatar Airways Group’s airline business carried more than 40 million passengers in FY23/24, 26% more than in FY22/23. The airline took a disciplined approach to adding more capacity by just 21% year-on-year (YoY) to record its highest-ever load factor of 83%. Those factors flowed through to the bottom line, with the Group reporting a net profit of $1.7 billion, compared to $1.2 billion in the previous year, a gain of around 40%.

Photo: Vytautas Kielaitis/Shutterstock

In its announcement on Tuesday, Qatar Airways Group (Qatar) said the FY23/24 performance had created a strong platform for the future of the Group’s airline business. It added that the higher EBITDA came from a continued focus on customer experience, innovation, digitalization, and sustainability, resulting in streamlined, agile, and fit-for-purpose operations across all areas.

Related

WOW: Qatar Airways Is The Best Airline In The World 2024

The renowned AirlineRatings leaderboard for 2024 is out…

Qatar Airways Group Chief Executive Officer Engr. Badr Mohammed Al-Meer said the very strong financials are a testament to the ambition and clear direction that have informed the Group’s progress throughout the 2023/24 financial year.

The fleet is growing

Qatar added 25 aircraft in the last financial year, including five Airbus A350-1000s, nine Boeing 773 MAX 8s, seven 787-9s, three 777-300ERs, and one 777-F freighter. At the end of March 2024, the Group’s total fleet numbered 284 aircraft, of which 230 were for passengers, 29 for Qatar Airways Cargo, and 25 for Qatar Executive, the corporate jet division offering luxury jet charter services.

Photo: photosince | Shutterstock

At the end of the 2019/20 financial year, Qatar had 258 aircraft in its group fleet. It said investing in the world’s most technologically advanced aircraft “has helped the airline maintain agility when responding to opportunities and challenges during the 2023/24 financial year.”

Of the 230 passenger aircraft, 121 are from Boeing, and 109 are from Airbus. The Boeing aircraft include nine 737 MAX 8s, seven 777-200LRs, 57 777-300ERs, 30 787-8s, and 18 787-9s. The Airbus fleet includes 29 A320s, four A330-200s, eight A330-300s, 34 A350-900s, 24 A350-1000s and 10 A380-800s.

Related

5 Incredible Features Of The Qatar Airways Qsuite

A brief dive into what is often dubbed the world’s best business class.

Qatar has over 236 aircraft worth over $63.1 billion on order, including options and Letters of Intent. Qatar Airways Cargo maintained its position as the world’s leading air freight carrier in FY2023/24 and enhanced its services and digital transformation by retiring its last 747 and transitioning to an all Boeing 777F fleet of freighters.

Qatar Airways grew its network to more than 170 destinations in 2023/24, adding Al Ula, Neom and Tabuk in Saudi Arabia; Lyon and Toulouse in France; Medan in Indonesia; and Trabzon in Turkey throughout the year. It also resumed flights to 14 destinations, including Bahrain, Birmingham, Beijing, Chengdu, Chongqing, Davo, Tokyo Haneda, Osaka, Marrakesh, Nice, Penang, Phnom Penh, Ras Al Khaimah and Yanbu.