Qatar Airways Group posts $1.21 billion net profit in 2022-23

Qatar Airways Group posts $1.21 billion net profit in 2022-23

Doha: Qatar Airways Group reported a net profit of QAR 4.4 billion ($1.21 billion) during the fiscal year 2022-23, it said on Wednesday, buoyed by a surge in passenger traffic for the FIFA World Cup. Overall revenue increased to QAR 76.3 billion ($21 billion), up 45 per cent compared to last year. Passenger revenue was up by 100 per cent over last year, on a capacity increase of 31 per cent driven by 9 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, the carrier said. The airline it ferried 31.7 million passengers during the period, an increase of 71 per cent over the same period last year. The group generated strong EBITDA margin of 23 per cent at QAR 17.8 billion ($4.9 billion). EBITDA was higher than the previous year by QAR 110 million due to streamlined, agile, and fit-for-purpose operations across all business areas. The airline’s network grew to more than 160 destinations in 2022-23, and it resumed operations to 12 destinations: Amritsar, India; Beijing, China; Denpasar, Indonesia; Qassim, Saudi Arabia; Geneva, Switzerland; London Gatwick, UK; Nagpur, India; Perth, Australia;