Qatar Executive Thrives In Competitive Market, Reports 17 Percent Increase In Charter Revenue

Tuesday, July 9, 2024

Qatar Airways Cargo leads as top global air cargo carrier in 2024, while Qatar Executive sees strong growth in a competitive market.

The organization has declared its best financial results in 27 years, achieving a record total revenue of QAR 81 billion (US$22.2 billion) and a year-over-year profit increase of 39%.

Revenue saw a rise of QAR 4.7 billion (US$1.3 billion), an uptick of six percent, significantly boosting the organization’s EBITDA, which climbed by QAR 1.2 billion (US$0.3 billion).

Passenger numbers for Qatar Airways soared to over 40 million, marking a 26% jump from the previous year, as the airline continues to recover from recent global industry setbacks.

From its headquarters in Doha, Qatar, the Qatar Airways Group announced a record-breaking financial year for 2023/24, posting unprecedented profits of QAR 6.1 billion (US$1.7 billion).

This landmark year witnessed net earnings reaching QAR 6.1 billion (US$1.7 billion) and a revenue spike to QAR 81 billion (US$22.2 billion), up by QAR 4.7 billion (US$1.3 billion) or six percent from the prior year.

The Group’s EBITDA margin stood strong at 24%, reaching QAR 19.1 billion (US$5.2 billion), which was QAR 1.2 billion (US$0.3 billion) above last year. This reflects the company’s robust emphasis on enhancing customer service, advancing innovation, pushing digitalization, and focusing on sustainable practices, which have optimized operations throughout the organization.

These strategies have solidified a promising foundation for the future growth of the Group’s aviation sector, which transported over 40 million passengers during the fiscal year, a 26% increase from the year before.

Consequently, passenger revenues rose by 19%, with a capacity expansion of 21% facilitated by the airline achieving its highest load factor ever at 83%, thereby securing a sustainable gain in market share.

Minister of State for Energy and Qatar Airways Group Chairman, His Excellency Engr. Saad Bin Sharida Al-Kaabi, said: “This latest remarkable annual performance demonstrates Qatar Airways Group’s flexibility and resilience in successfully navigating a constantly evolving global travel industry, and indicates a strong and sustained rebound from the challenges faced by the sector in recent years.”

Qatar Airways Group Chief Executive Officer, Engr. Badr Mohammed Al-Meer, said: “These very strong financials are a testament to the ambition and clear direction that has informed the Qatar Airways Group’s progress throughout the 2023/24 financial year.

“Our continued focus on profitability, efficiency and customer experience have been underpinned by a strategic programme of network growth and fleet expansion, resulting in the highest revenues and profit margins in the history of the airline. We also cemented our undisputed role as a key industry leader, maintaining our position as the airline of choice for millions of passengers worldwide.

“This incredible achievement is in no small part thanks to the collective endeavour of the entire Qatar Airways Group family who have worked tirelessly to achieve such stellar results. We must now use this as a foundation on which to build our continued success.”

In 2024, as Qatar Airways Cargo celebrated its 20th anniversary, it solidified its status as the premier air cargo carrier globally. With a keen emphasis on digitalization, sustainability, and strategic growth, Cargo’s market share climbed to 7.1% in the 2023/24 fiscal year, marking a slight increase from the previous year.

Qatar Executive (QE) demonstrated robust performance in the competitive business jet market, standing out as the only brand fully integrated with a commercial airline. The 2023/24 fiscal year saw QE achieve a 17% rise in commercial charter revenue and a 21% increase in flight hours, particularly noting strong customer growth in Europe, the US, and Asia.

Significant enhancements were made to the Qatar Airways Privilege Club loyalty program, which saw a 26% increase in membership and record-high member engagement. The collection of Avios soared by over 50%, and Avios spending surged by 75%, boosted by the introduction of key partnerships in India, Saudi Arabia, Kuwait, and new products in Qatar.

The airline expanded its network to over 170 destinations in 2023/24, adding new routes to cities like Al Ula, Neom, and Tabuk in Saudi Arabia; Lyon and Toulouse in France; Medan in Indonesia; and Trabzon in Turkey. It also resumed flights to 14 destinations, enhancing connectivity across the globe.

Qatar Airways’ commercial team played a pivotal role in strengthening the airline’s market stance by innovating to meet customer demands, enhancing revenue, and expanding market share. This commitment to excellence was recognized when Qatar Airways was named ‘Best Airline in the Middle East’ at the 2023 World Airline Awards by Skytrax.

Further, the airline significantly enhanced its digital footprint, becoming the leading airline on social media with over 47 million followers across platforms and achieving the highest number of followers on Facebook, YouTube, and TikTok globally.

The Qatar Airways Group also expanded its global sponsorship initiatives significantly in 2023/24. Key achievements included becoming the Global Airline Partner of Formula 1®, the Official Global Airline Partner of FC Internazionale Milano, renewing its partnership with FIFA until 2030, partnering with Royal Challengers Bangalore in the IPL, and serving as the Official Strategic Partner for Expo 2023 Doha, elevating the event’s global stature.

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