Aviation Qatar Airways’ profit down 21% despite World Cup By Pramod Kumar July 6, 2023, 5:24 AM Qatar Airways Qatar Airways says passenger revenue doubled, as capacity rose 31% year on year Qatar Airways Group’s net profit fell 21.4 percent year-on-year to QAR4.4 billion ($1.21 billion) in 2022-2023 despite flying more passengers for the Fifa World Cup. The profit drop came despite revenue increasing 45 percent year-on-year to QAR76.3 billion. Passenger revenue also doubled, as capacity rose 31 percent year-on-year, driven by a load factor of 80 percent – the highest in the airline’s history, the Gulf state’s national carrier said in a statement. Bayern Munich and Qatar Airways end $50m sponsorship Qatar Airways may scrap first-class on long-haul flights Qatar Airways CEO calls for realism over net-zero targets Qatar Airways resumed operations to 13 destinations including Amritsar, Beijing, Denpasar, London Gatwick, Luxor, Perth and Qassim. Group CEO Akbar Al Baker said: “This year’s strong financial results are attributed to the strong passenger demand recovery and the team’s ability to cater to this demand.” Profitability has been driven by a 100 percent increase in passenger revenue in the last year, he said, adding the airline carried 31.7 million passengers, 71 percent higher year-on-year. Qatar Airways last year operated some 14,000 flights bringing more than 1.4 million football fans from six continents to Qatar.
