In the wake of the remarkable FIFA World Cup Qatar 2022™, Qatar Airways Group is celebrating its own victory with record profits and rapid expansion, per its latest annual report for the fiscal year 2022/23. The airline attributes its success to an unwavering commitment to customer experience, a robust strategy, and a strong global workforce.

Qatar Airways Group witnessed a substantial increase in its financial performance, reporting a net profit of QAR 4.4 billion (US$ 1.21 billion). The Group saw revenues soar to QAR 76.3 billion (US$ 21.0 billion), a substantial 45% increase over the previous year. This revenue surge was primarily driven by a 100% increase in passenger revenue due to a 31% capacity expansion and an 80% load factor, which marked new records for the airline. The company carried 31.7 million passengers, a 71% rise from the previous year.

The airline’s Privilege Club loyalty program also saw remarkable growth, further strengthening Qatar Airways’ foothold in the global market. The adoption of Avios as its currency has empowered Privilege Club members to utilize their points across a wider range of services, including Qatar Duty-Free, Discover Qatar, and Qatar Holidays.

Keeping pace with the growth of its passenger services, Qatar Airways Cargo solidified its position as the leading air cargo carrier throughout the financial year 2022/23, strategically focusing on growth, sustainability, and digitalization. This has enabled them to support the continuity of global trade amidst market challenges.

With an EBITDA margin of 23%, amounting to QAR 17.8 billion (US$ 4.9 billion), the Group’s operational efficiency across all divisions has contributed to its positive financial performance. This success has been a testament to the airline’s commitment to customer loyalty, cost control, and superior product offering.

Qatar Airways was pivotal in transporting 1.4 million passengers to the FIFA World Cup Qatar 2022™, growing its network to over 160 destinations during the 2022/23 fiscal year. Resuming operations to 13 destinations and launching two new routes to Dusseldorf, Germany, and Santorini, Greece, offered passengers an extended reach and more excellent connectivity.

The Group’s commitment to uniting people through sports was also exhibited during the FIFA World Cup Qatar 2022™. Operating around 14,000 flights, Qatar Airways transported over 1.4 million fans from all six continents to the biggest sporting event on Earth, gaining substantial media returns and increasing its social media engagement.

Hamad International Airport (HIA), within a six-hour flight of more than 80% of the global population, has commenced Phase B of its expansion to increase its capacity to 70 million passengers annually. HIA secured several accolades at the 2023 Skytrax World Airport Awards, including the second-best airport in the world and the best airport for shopping.

Qatar Airways Group also fortified its partnerships with globally renowned sports clubs, including Paris Saint-Germain, FC Bayern München, Al Sadd SC, Qatar National Football team, Brooklyn Nets, and Sydney Swans. They recently joined hands with the Formula 1® racing series as the Global Airline Partner and with United Rugby Championship and European Professional Club Rugby competitions.

VIP charter jet division, Qatar Executive (QE), also reported significant Year-Over-Year growth with increased commercial sales revenue, fleet growth, and improved passenger service.

The Group’s subsidiary, Discover Qatar (DQ), had an exceptional year, too, delivering a range of logistical arrangements and tourist experiences for the FIFA World Cup Qatar 2022™.

In conclusion, the record revenues and profits reported by Qatar Airways Group are a testament to their commitment to excellence, customer focus, and strategic expansion.

Written by: Anne Keam

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