Qatar Airways reports record revenues during FY 2022/2023

QatarAirways’ bottomline dropped 21.4% y-o-y in FY 2022-23 to USD 1.21 bn, the company said in its earnings release. The fall in net income came despite the airline’s revenues rising 45% y-o-y during the period to hit a record USD 21 bn, driven by strong demand on the back of the FIFA World Cup in 2022, according to the earnings release.

The breakdown: The group’s passenger revenues saw a 100% increase over the past year, with capacity rising 31% on the back of a 9% greater yield and an 80% load factor — surpassing the airline’s previous records. The total number of passengers carried climbed 71% y-o-y to 31.7 mn passengers.Qatar Executive — the airline’s VIP charter jet division — witnessed high y-o-y growth driven by a spike in commercial sales revenues and the expansion of live flying hours. The earnings release did not provide a breakdown of revenues and net income for the airline’s cargo division.

What they 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 the operational efficiencies delivered by our world beating team,” Qatar Airways Group CEO Akbar Al Baker said.