Qatar Airways Group posts net profit of US$1.21 billion for FY 2022-2023 – Business Traveller

Qatar Airways Group reported a net profit of US$1.21 billion during the fiscal year 2022-2023.

Overall revenue increased to US$21 billion, up 45 per cent compared to the previous year.

It added that passenger revenue also increased by 100 per cent year-on-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.

Qatar Airways carried 31.7 million passengers, an increase of 71 per cent over last year.

The airline transported 1.4 million passengers and operated around 14,000 flights for the FIFA World Cup Qatar 2022 event alone which was held towards the end of last year.

The group generated an EBITDA margin of 23 per cent at US$4.9 billion. Its EBITDA was US$30.2 million higher compared to the previous year, which it attributed to “streamlined, agile, and fit-for-purpose operations across all business areas.”

Qatar Airways’ network grew to more than 160 destinations in 2022-2023. It resumed operations to 13 destinations including Beijing, Geneva, London Gatwick and Perth, among others, and also launched two new routes to Dusseldorf and Santorini.

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Qatar Airways group chief executive, 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. 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.”

The Hamad International Airport Phase B expansion project started in January 2023, and will see airport capacity increase to 70 million passengers annually.

In November last year, Hamad International completed the first phase of its airport renovation and expansion project. The airport can now accommodate 58 million passengers annually and features additional lounges, retail and F&B options, as well as a new transfer hall and indoor garden. Qatar Duty Free has meanwhile unveiled a brand new offer at HIA’s expansion which includes over 65 retail and dining outlets spread across its three levels.

(Image: Sourced from Qatar Airways Newsroom)

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