Qatar Airways group has released its financial statement for the year 2022-2023, reporting a record profit of $1.21 billion. The airline credits the positive results to its successful strategy as FIFA’s Official Partner for the World Cup Qatar 2022, along with its premium product and commitment of its worldwide employees.
“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”, said Qatar Airways Group Chief Executive, Akbar Al Baker. “Profitability has been driven by a 100% increase in passenger revenues in the last year. Load factors exceeding 80% and the current yield levels are the highest in our history.”
Qatar’s transportation sector is an emblem of its interconnectivity, connecting people from around the world and increasing business connections throughout the region.Saad Bin Sharida Al-Kaabi, Minister of State for Energy and Qatar Airways Group Chairman
The group’s overall revenue increased to $21 billion, up 45% compared to last year. Passenger revenue increased by 100% over last year, on a capacity increase of 31% driven by 9% higher yields and a load factor of 80%, both highest in the airline’s history, resulting in a sustainable increase in market share.
“As the global travel recovery from the Covid-19 pandemic continues, we have managed to retain the high levels of trust, reliability and confidence with our customers. As a result, we maintained our position as the airline of choice for millions of passengers worldwide and our team carried 31.7 million passengers, which is an increase of 71% over last year”, added Al Baker.
Privilege Club, the Qatar Airways loyalty programme, also witnessed significant growth in numerous new global and local partnerships, and enhanced proposition and revenues supported by the adoption of Avios as its currency. Qatar Executive (QE), the VIP charter jet division of the airline, has also seen significant year-over- year growth, represented by an increase in commercial sales revenue and total live flying hours, fleet growth and a record number of arrivals and departures at the Doha International Airport QE Premium Terminal.
Over the period of the FIFA World Cup, the airline operated some 14,000 flights bringing more than 1.4 million fans from all over the world to Qatar. Additionally, contributing to the annual turnover, the group renewed a multi-year partnership with French football team Paris Saint-Germain and replaced Emirates as the Global Airline Partner for Formula 1 for the next five years.