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Further evidence of the recovery of the airline industry with Qatar Airways reporting the strongest financial performance in its 27-year history.

The airline has just released its annual report for the 2023/2024 financial year, announcing record profits of QAR6.1 billion (US$1.7 billion).

The award-winning group reported historic net profits of QAR6.1 billion (US$1.7 billion) during the 2023/24 fiscal, with a total revenue of QAR81 billion (US$22.2 billion), representing an increase of QAR4.7 billion (US$1.3 billion) – up six per cent compared to last year.

The airline says the results reflect the business’s continued focus on customer experience, innovation, digitalisation and sustainability, resulting in streamlined, agile and fit-for-purpose operations across all areas.

Qatar has carried more than 40 million passengers during the 2023/24 fiscal, an increase of 26 per cent over the previous year.

As a result, passenger revenue increased by 19 per cent, with a capacity increase of 21 per cent driven by the airline’s highest-ever load factor of 83 per cent, offering a sustainable upsurge in market share.

“This latest remarkable annual performance demonstrates Qatar Airways Group’s flexibility and resilience in successfully navigating a constantly evolving global travel industry and indicates a strong and sustained rebound from the challenges faced by the sector in recent years,” said Minister of State for Energy and Qatar Airways Group Chairman, His Excellency Engr. Saad Bin Sharida Al-Kaabi.