Qatar Airways Group has reported a record profit of $2.15 billion (€1.98 billion) for the fiscal year ending March 31, 2024, marking the highest earnings in the company’s history. The surge in profitability follows a sharp rise in passenger numbers as global air travel continues its post-pandemic recovery.
The state-owned holding company announced total revenues of $23.4 billion (€21.53 billion), an increase from $22.1 billion (€20.33 billion) the previous year. In the prior fiscal year, the group posted a profit of $1.6 billion (€1.47 billion).
“These record-breaking results are a testament to the hard work, skill, and dedication of teams across all of Qatar Airways Group,” said Badr Mohammed Al-Meer, Group Chief Executive Officer, in a statement.
Passenger traffic rose to 43.1 million over the fiscal year, up from 40 million the year before. The airline’s growing fleet—comprising more than 230 Airbus and Boeing aircraft—serves an extensive network of long-haul and regional destinations, positioning Qatar Airways as a major global carrier.
Qatar Airways is part of a trio of Gulf-based airlines, along with Dubai’s Emirates and Abu Dhabi’s Etihad, that have become central players in East-West travel due to their strategic locations. The company also benefited from increased global attention following Qatar’s hosting of the 2022 FIFA World Cup.
The Qatar Airways Group encompasses more than just its passenger airline. Its operations include a cargo division, the management of Hamad International Airport, and retail operations under Qatar Duty Free. The group’s fiscal calendar runs from April 1 to March 31.
The strong financial results follow a similarly positive report from rival carrier Emirates earlier this month. The Dubai-based airline posted a record profit of $5.2 billion (€4.78 billion) for the same fiscal period, calling itself the world’s most profitable airline.
With the aviation sector on the rebound and international travel demand on the rise, Qatar Airways Group appears well-positioned to sustain its momentum into the coming year.
