Fleet expansion and loyalty schemes are “pivotal” to the growth of Qatar Airways as the Gulf carrier reported a 113% surge in first half profits.
Membership of the British Airways and American Airlines-backed Oneworld alliance helped boost net profit to more than $1 billion in the six months to September as passenger carryings rose by 22% year-on-year to top 19 million.
However, the airline issued a caution over winter trading.
“There are a number of headwinds facing the group for the remainder of the year including geopolitical tensions in a number of parts of the world,” Qatar Airways said.
“This could have an impact on passenger demand for air travel, as well as potentially create operational constraints. The cost of fuel remains the single largest concern.
“Exchange rate fluctuations resulting from a strengthening US dollar have impacted performance to date.”
Despite this, the carrier added that “management expects to continue the strong performance despite the headwinds in the second half of 2023-2024”.
The airline cited “a wide variety of operational measures” which have increased on-time performance to the highest levels in recent years.
“The year to date has been characterised by ambitious yet sustainable growth in the network that will deliver long term economic value to Qatar, many global partners as well as destination countries.
“A key component of the commercial success of the business has been delivered through innovative partnerships within Oneworld and through other global strategic alliances in Australasia, Europe and China in particular.
“Fleet expansion and loyalty programmes are pivotal to growth and Qatar Airways Group has around 150 aircraft on order to fulfil this increasing demand for passenger and freighter traffic.
“Operational efficiencies, innovation programmes and staff development have all additionally contributed to these results.”
Up to 10 new destinations have been identified for 2024 after seven new routes from Doha were announced in March in addition to the resumption of 11 services, including flights to Birmingham.
The return to service of the majority of the airline’s Airbus A350 fleet is near complete and has contributed to an 18% rise in capacity over the same period last year.
The group’s total revenue increased 7.4% to $11 billion. Passenger revenues rose 28.5% over the last year with increased load factors of 83.3% generating higher yields of 3.6%.
Outgoing chief executive Akbar Al Baker, said: “Qatar Airways Group is a unique business that continues to perform at the highest level in the aviation industry.
“The FIFA World Cup Qatar 2022 created a very solid base on which to build Qatar’s ambition to grow as a leading tourism destination in the Middle East, one that focuses on refinement, culture, value and customer service and therefore being a family orientated destination.
“The interim results this year indicate that the group is tracking towards another very strong year, which builds upon over $2.750 billion cumulative profits from the previous two years.”