Qatar Airways: revenue up but profits down

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qatarairways yesterday published his tax balance sheet 2022/2023displaying a rising turnover but declining profitsdespite heavy passenger traffic during the 2022 World Cup.

The Qatari airline announced that it had recorded a “record” increase in its annual turnover, of 41% over one year, to 21 billion dollars. It did, however, post a net profit of “only” $1.21 billion in 2022-23, down 21% from the previous fiscal year ($1.54 billion).

Its number of passengers increased by 71% year on year, with more than 31.7 million passengers transported, including more than 1.4 million during the FIFA World Cup which took place in Qatar on November 21 to December 18, 2022, added its press release. Qatar Airways Cargo maintained its position as the world’s leading air cargo carrier throughout the 2022/23 financial year.

Qatar Airways’ network has grown to more than 160 destinations in 2022/23. Qatar Airways has resumed operations to thirteen destinations, namely Amritsar (India), Beijing and Shanghai (China), Denpasar (Indonesia), Geneva (Switzerland), London-Gatwick (UK), Luxor (Egypt), Nagpur ( India), Perth (Australia), Qassim and Taif (Saudi Arabia), Sarajevo (Bosnia and Herzegovina), and Windhoek (Namibia). In addition, in 2022/23, Dona’s airline launched two new routes to Düsseldorf (Germany) and Santorini (Greece).

“This year’s strong financial results are attributed to the strong recovery in passenger demand and the team’s ability to meet this demand, aided by the continued growth of our network, market leadership and efficiencies provided by our world-beating team. Profitability has been boosted by a 100% increase in passenger revenue over the past year. Load factors exceed 80% and current efficiency levels are the highest in our history. As the global travel recovery from the Covid-19 pandemic continues, we have managed to maintain the high levels of trust, reliability and trust with our customers. As a result, we maintained our position as the airline of choice for millions of passengers worldwide and our team flew 31.7 million passengers, a 71% increase over last year,” said company CEO Akbar Al-Baker.

In September 2021, when its annual losses amounted to 4.5 billion dollars, the Qatari company had benefited from public aid of 3 billion dollars. It had also been bailed out by the rich gas state the previous year, to the tune of 2 billion dollars.

John Walker Avatar