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Qatar Airways profit soars to over $1bn despite headwinds

Qatar Airways profit Qatar Airways
Qatar Airways expects to continue its strong performance despite the headwinds in the second half of 2023-2024

Qatar Airways’ net profit rose 113.8 percent year on year to QAR3.7 billion ($1.02 billion) in the first half of 2023/24 on increased passenger numbers and load factors.

Total revenue increased to QAR40.126 billion, up 7.4 percent annually. Passenger revenues accelerated 28.5 percent over the last year, with increased load factors of 83.3 percent, leading to higher yields of 3.6 percent.

Total passenger count for the first six months ended September 2023 increased to 19.078 million, up 22.5 percent year on year based on partnerships within Oneworld and through other global strategic alliances in Australasia, Europe and China.

However, the airline warned of headwinds such as geopolitical tensions, which could impact passenger demand for air travel, as well as potentially creating operational constraints.

The cost of fuel remained the “single largest” concern. While exchange rate fluctuations resulting from a strengthening US dollar have impacted performance to date, the airline said in a statement.

Nevertheless, Qatar Airways expects to continue its strong performance in the second half of 2023-24 despite these pressures.

“The interim results this year indicate that the group is tracking towards another very strong year, ” Qatar Airways Group CEO Akbar Al Baker said in a statement.

Qatar Airways has around 150 aircraft on order to fulfil the increasing demand for passenger and freighter traffic.

Al Baker will step down from his position as group CEO on November 5. Badr Mohammed Al-Meer will succeed him.