Qatar Airways reports strong first half performance in 2023/2024Posted on: November 22, 2023, by : uguru okorie
Qatar Airways Group has reported a strong performance in first half 2023/2024 financial year. The Group’s net profit, EBITDA, passenger revenues, on-time performance and load factor all demonstrate strong growth.
According to the airline, in the first half of 2023/2024. The year to date has been characterized by ambitious yet sustainable growth in the network that will deliver long term economic value to Qatar, many global partners as well as destination countries. The return to service of the majority of the airline’s A350 fleet is near complete and has contributed to overall 18 per cent higher Available Seat Kilometers (ASK) versus the same period last year.
Qatar Airways Group reported a net profit of QAR 3.736 billion (US$ 1.026 billion) for first half of fiscal year 2023/2024 which represents an increase of 113.8% compared to the same period last year 2022/2023. The Group’s total revenue for first half of fiscal year 2023/2024 increased to QAR 40.126 billion (US$ 11.019 billion), up 7.4% compared to the same period last year 2022/2023. Passenger revenues rose 28.5% over the last
year with increased load of 83.3% generating higher yields of 3.6%.
Qatar Airways total passenger count for the first six months ending September-2023 increased to 19.078m, representing an increase of 22.5% compared to the same period last year. A key component of the commercial success of the business has been delivered through innovative partnerships within oneworld and through other global strategic alliances in Australasia, Europe and China in particular. Fleet
expansion and loyalty programmes are pivotal to growth and Qatar Airways Group has around 150 aircraft on order to fulfil this increasing demand for passenger and freighter traffic. Operational efficiencies, innovation programmes and staff development have all additionally contributed to these results.
There are a number of headwinds facing the Group for the remainder of the year
including geopolitical tensions in a number of parts of the world.