Doha, July 02 (QNA) - Qatar Airways Group has Tuesday reported the strongest financial performance in its 27-year history, announcing record profits of QAR6.1 billion (US$1.7 billion) in its Annual Report for the 2023-2024 financial year.

The multiple award-winning airline group reported historic net profits of QAR6.1 billion (US$1.7 billion) during the 2023-2024 fiscal, with a total revenue of QAR81 billion (US$22.2 billion), representing an increase of QAR4.7 billion (US$1.3 billion) up six per cent compared to last year.

The Group generated a strong EBITDA margin of 24 per cent at QAR19.1 billion (US$5.2 billion), around QAR1.2 billion (US$0.3 billion) higher than the previous year, reflecting the businesss continued focus on customer experience, innovation, digitalisation and sustainability, resulting in streamlined, agile and fit-for-purpose operations across all areas.

This has created a strong platform for the future of the Groups airline business which carried more than 40 million passengers during the 2023-2024 fiscal, an increase of 26 per cent over the previous year.

As a result, passenger revenue increased by 19 per cent, with a capacity increase of 21 per cent driven by the airlines highest-ever load factor of 83 per cent, offering a sustainable upsurge in market share.

HE Minister of State for Energy and Qatar Airways Group Chairman Engr. Saad bin Sharida Al Kaabi, said: "This latest remarkable annual performance demonstrates Qatar Airways Groups flexibility and resilience in successfully navigating a constantly evolving global travel industry, and indicates a strong and sustained rebound from the challenges faced by the sector in recent years." Qatar Airways Group Chief Executive Officer Engr. Badr Mohammed Al Meer, said: "These very strong financials are a testament to the ambition and clear direction that has informed the Qatar Airways Groups progress throughout the 2023-2024 financial year."

"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. We also cemented our undisputed role as a key industry leader, maintaining our position as the airline of choice for millions of passengers worldwide.

"This incredible achievement is in no small part thanks to the collective endeavour of the entire Qatar Airways Group family who have worked tirelessly to achieve such stellar results. We must now use this as a foundation on which to build our continued success." As it celebrates its milestone 20th year of operation in 2024, Qatar Airways Cargo maintained its position as the worlds leading air cargo carrier, forging ahead with a strategic focus on digitalisation, sustainability and growth contributing towards an increase in Cargos market share to 7.1 per cent in 2023/24, up by 0.04 per cent compared to previous financial year.

Qatar Executive (QE) has continued to deliver a solid business performance in a highly competitive market operating as the only business jet brand owned and fully integrated with a commercial airline. With consistent growth over the 2023-2024 fiscal year, QE saw an increase in commercial charter revenue of more than 17 per cent, with a rise in flying hours of over 21 per cent illustrating its strong customer growth, particularly in Europe, the US and Asia.

Qatar Airways network grew to more than 170 destinations in 2023-2024, adding Al Ula, Neom and Tabuk, in Saudi Arabia; Lyon and Toulouse, France; Medan, Indonesia; and Trabzon, Turkey throughout the year.

This is in addition to the resumption of operations to 14 destinations. (QNA)