Qatar Airways sees lower annual net profit, despite effects of FIFA World Cup

Avatar photo

The Qatari company saw its 2022-2023 annual net profit fall by 21% compared to the “historic” previous annual result, after two years of losses linked to the Covid-19 pandemic.

For its 2022-2023 financial year (ending March 31, 2023), Qatar Airways saw its annual revenue increase by 45%, to reach $21 billion. Nevertheless, net profit came to $1.21 billion, down 21% from net profit for fiscal year 2021-2022. For this financial year, the company Qatar Airways had generated a “historic” net profit of 1.54 billion dollars, after two years of losses due to the Covid-19 pandemic.

Annual traffic of 31.7 million passengers

For the 2022-2023 financial year, the number of passengers increased by 71% on an annual basis, with more than 31.7 million passengers carried, including more than 1.4 million during the FIFA World Cup which took place took place in Qatar from November 21 to December 18, 2022. “The good financial results this year are explained by the strong recovery in demand”, specifies Akbar Al Baker, CEO of Qatar Airways, underlining that the filling rate of the planes had exceeded 80%. Note that the Qatar Airways network has increased to a total of 160 destinations during the 2022-2023 financial year, with the resumption of operations to thirteen destinations: Amritsar (India), Beijing (China), Denpasar (Indonesia) , Geneva (Switzerland), London-Gatwick (UK), Luxor (Egypt), Nagpur (India), Perth (Australia), Qassim (Saudi Arabia), Sarajevo (Bosnia and Herzegovina), Shanghai (China), Taif (Saudi Arabia) ), Windhoek (Namibia). The company has also opened new routes to Dusseldorf (Germany) and Santorini (Greece).

$6.5 billion in government aid over two years

In September 2021, when its annual losses amounted to 4.5 billion dollars, the company received public aid of 3 billion dollars. It had been bailed out by Doha the previous year, to the tune of 2 billion dollars.

John Walker Avatar