Qatar Airways has reached new heights, soaring to record profits on the wings of a strategic expansion plan. The state-owned carrier reported a net profit of 6. 1 billion riyals ($1. 7 billion) for the financial year ending March 31, 2024, a significant 32. 4% increase compared to the previous year. This stellar performance marks the airline's strongest financial showing in its 27-year history.
Attributing this success to a focus on profitability, efficiency, and exceptional customer service, Qatar Airways CEO Badr Mohammed Al-Meer highlighted a two-pronged approach that fueled their growth. The airline strategically expanded its network, reaching over 170 destinations worldwide. This expansion focused on key markets in Saudi Arabia, Asia, and Europe, offering passengers a wider range of travel options.
In tandem with network growth, Qatar Airways embarked on a fleet expansion program. This move not only increased passenger capacity by 21% but also resulted in a significant rise in passenger numbers. The airline carried an impressive 40 million passengers in 2023/24, reflecting a remarkable 26% year-on-year increase. This surge in passenger volume translated to a 19% rise in passenger revenue, further solidifying Qatar Airways' financial position.
The positive impact wasn't limited to passenger travel. Qatar Airways Cargo also experienced growth, solidifying its market share at 7. 1% in 2023/24. Furthermore, Qatar Executive, the airline's business jet subsidiary, reported a substantial increase in commercial charter revenue, exceeding 17%.
Qatar Airways' financial performance stands out even more when considering the challenges faced by the airline industry in recent years. While the airline defied the odds and secured record profits in 2022 despite the lingering effects of the COVID-19 pandemic, last year's report showed a dip. However, with a renewed focus on strategic expansion and a commitment to exceptional service, Qatar Airways has not only recovered but surpassed previous financial benchmarks.
This record-breaking performance positions Qatar Airways as a major player in the global aviation industry. By capitalizing on a well-defined growth strategy and prioritizing customer experience, the airline has secured a strong financial foundation for the future. With an ever-expanding network and a commitment to innovation, Qatar Airways is poised to continue its successful trajectory, offering passengers a world of possibilities at new heights.