Qatar Airways reports record $1.7 billion annual profit

A Qatar Airways Boeing 787-9 jetliner aircraft is pictured on the tarmac during the 2023 Dubai Airshow at Dubai World Central – Al-Maktoum International Airport in Dubai on November 13, 2023. (Photo by Giuseppe CACACE / AFP)

Doha, Qatar — Qatar Airways reported a record $1.7 billion net profit following an annual increase of 39 percent on last year, the airline said in a statement on Tuesday.

The state-owned Qatari national carrier’s revenue also increased by $1.3 billion, up six percent on the previous year.

“The group reports the strongest financial performance in its 27-year history,” Qatar Airways said.

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The airline added that it had carried more than 40 million passengers –- an increase of 26 percent over the previous year — which it attributed to a “rebound from the recent challenges facing the global travel industry”.

After posting record profits in 2022 despite the fallout of the Covid-19 pandemic, which devastated the industry, Qatar Airways last year reported an annual drop despite flying fans to the World Cup hosted in the Gulf emirate.

“These very strong financials are a testament to the ambition and clear direction that has informed the Qatar Airways Group’s progress throughout the 2023/24 financial year,” Chief Executive Badr Mohammed Al-Meer said in a statement.

“Our continued focus on profitability, efficiency and customer experience have been underpinned by a strategic programme of network growth and fleet expansion, resulting in the highest revenues and profit margins in the history of the airline,” Al-Meer added.