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Qatar Airways Reports Record Revenues
Qatar Airways has reported record revenue for the 2022-2023 fiscal year after ferrying fans to and from the 2022 FIFA World Cup. The airline also saw significant increases in capacity, yields and market share, as part of their expansion.
Recently, the Qatar Airways Group reported overall revenue of 76.3 billion Qatari Riyals ($21.0 billion) for 2022-2023 fiscal year, which marked a year-over-year increase of 45 percent. The portion of that revenue derived from passenger operations increased by 100 percent, with the airline stating that it carried 31.7 million passengers throughout the fiscal year with a record load factor of 80 percent.
In addition, the company reported a net profit of 4.4 billion Qatari Riyals for the year. The Doha, Qatar-based carrier also saw an increase in its capacity of 31 percent and an increase in its yield – the average amount of revenue earned for each passenger mile or kilometer – of nine percent.
“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 in a press release. “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.”
Turbulent Few Years
The past few years have undoubtedly been a turbulent time for airline performance and financials. The COVID-19 pandemic and subsequent recovery have had significant impacts on the industry and each airline’s revenue and profits.
While Qatar Airways reported record revenue for the most recent fiscal year, profits actually decreased from the previous year. For the 2021-2022 fiscal year, the airline saw a net profit of 5.6 billion Qatari Riyals, higher than the 4.4 billion Qatari Riyals subsequently seen in 2022-2023. In the year before, it saw record profits. The company reported a record net loss in the 2020-2021 fiscal year.
The company cited numerous factors behind its recent success. The airline stated that it saw significant growth in its loyalty program, Privilege Club, as well as strong performance from its cargo division, Qatar Airways Cargo. Qatar Executive, the private charter jet division of the company, also saw significant increases in revenue and flying hours.
Perhaps most notably, Qatar hosted the 2022 FIFA World Cup. As the country’s flag carrier, Qatar Airways transported 1.4 million passengers to the popular event from all six continents on board approximately 14,000 flights. Given the one-time nature of this event and the post-pandemic recovery, whether or not Qatar Airways can continue breaking its profit and revenue records remains to be seen.
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