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"Remarkable": QR up 45% in total FY revenue with strong profits amid strong demand

Qatar Airways Group reported a 45 per cent uplift in overall revenue for 2022-23 at USD$21 billion (AUD$32 billion) and a tidy net profit of USD$1.21 billion (AUD$1.8 billion), crediting its success as the Official Airline Partner to FIFA World Cup Qatar 2022 along with providing a premium product and service.

Qatar Airways Group reported a 45 per cent uplift in overall revenue for 2022-23 at USD$21 billion (AUD$32 billion) and a tidy net profit of USD$1.21 billion (AUD$1.8 billion), crediting its success as the Official Airline Partner to FIFA World Cup Qatar 2022 along with providing a premium product and service.

Qatar Airways carried 31.7 million passengers during the 2022-23 fiscal year, an increase of 71 per cent on the previous period.

During FIFA World Cup Qatar 2022 alone, the airline flew 1.4 million fans on 14,000 flights across its network to the event.

Lusail Stadium at night
QR had a boost in pax as FIFA World Cup Qatar 2022’s Official Airline Partner.

In 2022-23, the QR network also grew to more than 160 destinations, resuming operations to 13 destinations, including Perth.

Passenger revenue increased by 100 per cent over last year on a capacity increase of 31 per cent, driven by higher yields and load factors.

The carrier also achieved its highest yields (up 9%) and load factors (at 80%) in the company’s history.

The annual report also noted the Qatar Airways Group generated a strong EBITDA (earnings before interest, taxes, depreciation and amortisation) margin of 23 per cent.

It recorded an EBITDA of USD$4.9 billion (AUD$7.4 billion), up USD$30.2 million (AUD$45.9 million) YOY.

Qatar Airways Group Chairman Saad Bin Sharida Al-Kaabi said: “I am delighted that Qatar Airways Group has demonstrated another remarkable annual performance.”

Qatar Airways Group CEO Akbar Al Baker said: “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 operational efficiencies.”

Read the full results here.

Find out more at qatarairways.com