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Thursday, 6 July 2023

Qatar Airways Reports Impressive FY2022/23 Numbers

(06/07/23)  Qatar Airways Group has reported a net profit of QAR 4.4 billion (US$ 1.21 billion) for the fiscal year 2022/23.

Overall revenue increased to QAR 76.3 billion (US$ 21 billion), up 45 per cent compared to the previous year, whilst passenger revenue increased by 100 per cent on a capacity increase of 31 per cent driven by 9% higher yields and a load factor of 80%.

Not only did Qatar Airways carry 31.7 million passengers, an increase of 71 per cent on last year, its Privilege Club loyalty programme also witnessed significant growth with numerous new global and local partnerships, and enhanced proposition and revenues supported by the adoption of Avios as its currency.

Qatar Airways Cargo maintained its position as one of the world’s leading air cargo carriers throughout the 2022/23 financial year, forging ahead with a strategic focus on growth, sustainability and digitalisation, and supporting the continuity of global trade despite ongoing market challenges.

Qatar Airways A380. Picture by Steven Howard of TravelNewsAsia.com Click to enlarge.
Qatar Airways A380. Picture by Steven Howard of TravelNewsAsia.com

The Group generated strong EBITDA Margin of 23 per cent at QAR 17.8 billion (US$ 4.9 billion). EBITDA was higher than the previous year by QAR 110 million (US$ 30.2 million).

Qatar Airways network grew to more than 160 destinations in 2022/23, with the airline resuming 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.

Moreover in 2022/23, the airline launched two new routes to Dusseldorf, Germany; and Santorini, Greece.

Located within a six-hour flight from more than 80 per cent of the world’s population, Hamad International Airport (HIA) started its Phase B expansion in January 2023 that will see airport capacity increase to 70 million passengers annually.

“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 Akbar Al Baker, Qatar Airways Group Chief Executive. “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 COVID19 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 per cent over last year.”

As FIFA's Official Partner and Official Airline Partner of the FIFA World Cup Qatar 2022, the group upheld its commitment to unite people through the power of sport throughout the 2022/23 fiscal period.

Over the period of the tournament, Qatar Airways operated some 14,000 flights bringing more than 1.4 million fans from all six continents to Qatar.

Five billion fans engaged with the FIFA World Cup Qatar 2022 across the tournament delivering vast media return on investment to the Qatar Airways brand and more than 63 per cent media return than the 2018 FIFA World Cup Russia. The social media engagement of the tournament increased followers by more than 83 per cent.

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