Qatar Airways scores $1.8b profit, attributes success to FIFA World Cup partnership

Qatar Airways Group has again reported a strong financial performance as the Official Airline Partner of the FIFA World Cup Qatar 2022 publishes its annual report for 2022/23.

The airline credits the positive results to its successful strategy during an extraordinary year for the Group as FIFA’s Official Partner and Official Airline of the FIFA World Cup Qatar 2022 along with its premium product focused on delivering world-class customer experience as well as the commitment of its worldwide employees.

Qatar Airways Group reported a net profit of QAR 4.4 billion (AU$1.81 billion) during the fiscal year 2022/23. Overall revenue increased to QAR 76.3 billion (AU$31.6 billion), up 45 per cent compared to last year.

Passenger revenue increased by 100 per cent over last year, on a capacity increase of 31 per cent driven by nine per cent higher yields and a load factor of 80 per cent – both highest in the airline’s history, resulting in a sustainable increase in market share.

Qatar Airways carried 31.7 million passengers, an increase of 71 per cent over last year. The continued focus on customer experience, loyalty, digitalisation, and sustainability has placed Qatar Airways on a strong platform for the future.

Privilege Club, the Qatar Airways loyalty programme, also witnessed significant growth in numerous new global and local partnerships, and enhanced proposition and revenues supported by the adoption of Avios as its currency. Privilege Club members now have the ability to access Qatar Airways Group using the Avios currency for payment in Qatar Duty Free, Discover Qatar, and Qatar Holidays, in addition to the existing list of leading global brands.

The Group generated an EBITDA Margin of 23 per cent at QAR 17.8 billion (AU$7.32 billion). EBITDA was higher than the previous year by QAR 110 million (AU$45.2 million) due to streamlined, agile, and fit-for-purpose operations across all business areas.

“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 minister of state for Energy and Qatar Airways Group chairman, His Excellency Mr. Saad Bin Sharida Al-Kaabi, said.

“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.”

Over the period of the World Cup, Qatar Airways operated some 14,000 flights bringing more than 1.4 million fans from all six continents to Qatar.

Featured image source: iStock/Jetlinerimages