2023-11-05 16:07:44
114% rise in Qatar Airways’ semi-annual profits to one billion dollars
Qatar Airways Group’s net profits in the first half of its 2023/2024 fiscal year increased by 113.8% to 3.73 billion riyals ($1.014 billion), compared to the same period of the last fiscal year 2022/2023.
The semi-annual financial statements of the Qatari national carrier showed that total revenues rose to 40.126 billion riyals, an increase of 7.4% compared to the same annual period. Passenger revenues increased by 28.5% over the past year, as a result of an increase in the seat occupancy rate by 83.3%, which led to an increase in revenues of 3.6%.
The total number of passengers on Qatar Airways until last September rose to 19.1 million passengers, an increase of 22.5% compared to the same period in 2022.
The group achieved a growth in EBITDA margin of 26.9%, reaching 10.799 billion riyals.
According to the statement, the increases came as a result of the Qatari carrier’s successful strategy, which was evident in the partnership agreements it concluded within the Oneworld alliance, in addition to other global strategic alliances, specifically in Australia, Asia, Europe and China.
The statement indicated that the Qatari carrier had submitted an order to purchase 150 new aircraft, to meet the increasing demand for passenger traffic and air cargo, and considered that the mid-term financial results indicate that Qatar Airways is heading towards a new distinguished year, relying on cumulative profits of more than $2.750 billion over the two years. Ex.
Regarding the remainder of the current year, the statement indicated that the Qatar Airways Group faces some challenges, including geopolitical tensions in a number of parts of the world, which is expected to negatively affect passenger demand for air travel, as well as the possibility of forming new operational restrictions. .
The cost of fuel also represents the most difficult challenge for airlines, as exchange rate fluctuations resulting from the strength of the US dollar affected performance.
Qatar Airways won the “Best Airline in the World” award seven times in the years (2011, 2012, 2015, 2017, 2019, 2021 and 2022), which is an unprecedented achievement. The national carrier of the State of Qatar currently operates flights to 160 global destinations, through its operations headquarters in Doha, Hamad International Airport, and has announced an increase of approximately 10 additional destinations for the year 2024.
As of Sunday, Badr Mohammed Al Meer assumed his duties as CEO of Qatar Airways Group, succeeding Akbar Al Baker, who led the group for 27 years.
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