Qatar Airways Group has revealed a net profit of QR 4.4B ($1.21B) for the fiscal year 2022/23. This exceptional financial achievement coincided with the country hosting the FIFA World Cup Qatar 2022 while serving as the Official Airline Partner.
The overall revenue surged by 45% to reach QR 76.3B ($21B), compared to the previous year. Notably, passenger revenue experienced a 100% increase over the past year, driven by a capacity expansion of 31%, higher yields of 9%, and a load factor of 80%—the highest in the airline’s history. These factors contributed to a sustainable increase in market share. Qatar Airways witnessed a remarkable growth in passenger numbers, carrying 31.7 million passengers, a 71% increase compared to the previous year.
The airline’s focus on customer experience, loyalty, digitalization, and sustainability has positioned it strongly for the future. The Privilege Club, Qatar Airways’ loyalty program, also achieved significant growth through new global and local partnerships, an improved offering, and increased revenues with the adoption of Avios as its currency.
Qatar Airways Cargo, recognized as the world’s leading air cargo carrier, maintained its position throughout the 2022-23 financial year. Despite ongoing market challenges, the division prioritized growth, sustainability, and digitalization playing a pivotal role in supporting global trade continuity.
Robust EBITDA Margin and Operational Excellence
The group demonstrated a robust EBITDA margin of 23% at QR 17.8B ($4.9B), with EBITDA surpassing the previous year by QR 110M ($30.2M). This accomplishment results from streamlined and agile operations across all business areas, combining an expanded passenger and cargo network with a commitment to customer loyalty, product excellence, and cost control.
As the national carrier of Qatar, Qatar Airways effectively transported 1.4 million passengers on its network to the highly successful FIFA World Cup. The airline expanded its network to over 160 destinations in the 2022-23 period and resumed operations to thirteen destinations while introducing two new routes to Dusseldorf, Germany, and Santorini, Greece.
Minister of State for Energy and the airline’s Group Chairman, Saad Bin Sharida Al-Kaabi, said: “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 from around the world and increasing business connections throughout the region.”
Group Chief Executive, Akbar Al Baker, said: “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.”
Plans for Hamad International Airport
Situated conveniently within a six-hour flight from over 80% of the global population, Hamad International Airport (HIA) offers a convenient option for both business and leisure travellers, according to Arabian Business.
The Phase B expansion of Hamad International Airport commenced in January 2023, aiming to boost the airport’s capacity to accommodate 70 million passengers annually.
Qatar Executive (QE), the VIP charter jet division of the national airline, has also experienced substantial year-on-year growth.
This growth is evident in the remarkable increase in commercial sales revenue, the total number of live flying hours, fleet expansion, enhancements made to enhance the passenger experience with QE, and a record-breaking number of arrivals and departures at the Doha International Airport QE Premium Terminal.
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