Doha: Qatar Airways Group has once again demonstrated a robust financial performance, publishing its annual report for the 2022/23 fiscal year. The airline attributes its positive results to a well-executed strategy during an exceptional year, marked by its role as the Official Airline of the FIFA World Cup Qatar 2022. The annual report highlights the successful implementation of a premium product focused on delivering an exceptional customer experience, in addition to the commitment of its global workforce.
During the fiscal year 2022/23, Qatar Airways Group achieved a net profit of QR4.4 billion (US$ 1.21 billion). The total revenue surged to QR76.3 billion (US$ 21.0 billion), reflecting a remarkable 45 percent increase compared to the previous year. The airline experienced a 100 percent growth in passenger revenue, driven by a capacity expansion of 31 percent, a nine percent rise in yields, and an 80 percent load factor – both of which are the highest in the airline's history. These achievements have resulted in a sustainable increase in market share. Qatar Airways transported a total of 31.7 million passengers, representing a significant 71 percent increase compared to the previous year.
The airline's unwavering focus on customer experience, loyalty initiatives, digital transformation, and sustainability has positioned Qatar Airways strongly for future growth. The Privilege Club, Qatar Airways' loyalty program, also achieved notable growth through new global and local partnerships and the adoption of Avios as its currency. Privilege Club members can now use Avios currency for payments at Qatar Duty Free, Discover Qatar, and Qatar Holidays, expanding their benefits.
Qatar Airways Cargo maintained its position as the world's leading air cargo carrier throughout the 2022/23 fiscal year, remaining committed to growth, sustainability, and digitalization to support global trade despite market challenges.
Qatar Airways Group achieved a robust EBITDA Margin of 23 percent at QR17.8 billion (US$ 4.9 billion). Streamlined, agile, and efficient operations across all business segments contributed to a higher EBITDA than the previous year by QR110 million (US$ 30.2 million). These positive results reflect Qatar Airways' expanding passenger and cargo networks, solidifying customer and trade loyalty, enhancing product excellence, and maintaining cost control.
As the Official Airline Partner of the FIFA World Cup Qatar 2022, Qatar Airways played a pivotal role in transporting 1.4 million passengers to the successful event. The airline's network grew to over 160 destinations in the 2022/23 fiscal year. Qatar Airways resumed operations to 13 destinations, including Amritsar, Beijing, Denpasar, Geneva, London Gatwick, Luxor, Nagpur, Perth, Qassim, Sarajevo, Shanghai, Taif, and Windhoek. Additionally, the airline launched two new routes to Dusseldorf, Germany, and Santorini, Greece, enhancing travel choices and connectivity for passengers.
Minister of State for Energy and Qatar Airways Group Chairman, HE Saad Bin Sharida Al Kaabi, commented on the achievement:
“I am delighted to announce that Qatar Airways Group has demonstrated another remarkable annual performance. Qatar's transportation sector is an emblem of its interconnectivity, connecting people from around the world and increasing business connections throughout the region. Qatar is proud to have hosted fans from around the world during the FIFA World Cup Qatar 2022, delivering one of the best FIFA World Cups in history. Qatar has set an unparalleled benchmark for tournament security and safety, creating a family-friendly destination of choice.”
Qatar Airways Group Chief Executive, HE Akbar Al Baker, added:
“These strong financial results are attributed to the remarkable recovery in passenger demand and the team's ability to cater to this demand, fueled by our expanding network, market leadership, and operational efficiencies. Profitability has been driven by a 100 percent increase in passenger revenues in the last year."
"Our load factors exceeding 80 percent, and the current yield levels being the highest in our history, highlight the global travel recovery from the COVID-19 pandemic. Our high levels of trust, reliability, and customer confidence have been maintained, making us the airline of choice for millions of passengers worldwide. Our team carried 31.7 million passengers, which is a remarkable increase of 71 percent over last year.”
As the Official Airline Partner of the FIFA World Cup Qatar 2022, the Group fulfilled its commitment to unite people through the power of sport throughout the 2022/23 fiscal period. During the tournament, Qatar Airways operated around 14,000 flights, transporting more than 2.4 million fans from all continents to Qatar. The tournament engaged over five billion fans worldwide, delivering significant media return on investment and increasing social media engagement by over 83 percent compared to previous events.
Hamad International Airport (HIA), located within a six-hour flight from over 80 percent of the world's population, continues to grow. The Phase B expansion began in January 2023, aiming to increase the airport's capacity to 70 million passengers annually. HIA was recognized as the Second-Best Airport in the World and World Best Airport Shopping at the 2023 Skytrax World Airport Awards. HIA also maintained its position as the Best Airport in the Middle East for the ninth consecutive year.
Qatar Airways further solidified its partnerships with sports clubs, becoming the Global Airline Partner of the Formula 1 racing series. This five-year partnership includes brand presence at 21 races and title sponsorship of two races annually, including the F1 Qatar Airways Grand Prix Qatar 2023. The airline also expanded its presence in rugby and cricket through partnerships with the United Rugby Championship and European Professional Club Rugby competitions, as well as with the Royal Challengers Bangalore cricket team in the Indian Premier League.
Qatar Executive (QE), the VIP charter jet division, witnessed significant year-over-year growth, marked by increased commercial sales revenue, live flying hours, fleet expansion, and improvements to enhance passenger experience. Discover Qatar (DQ) also experienced a unique year, with meticulous planning and preparation to deliver outstanding customer experiences before and during the FIFA World Cup Qatar 2022. DQ facilitated various arrangements and experiences for a diverse range of visitors and customers, contributing to the success of the tournament.