Qatar Airways' net profit rises 28% amid sustained demand

Qatar Airways posted an annual net profit of a record $2.1 billion for the 2024 financial year, representing a 28% year-on-year increase. 

Revenue and other operating income rose over 6% to 86 billion riyals for the 12 months ended March 31. The airline carried just over 43 million passengers over the year, up 7.8% year on year.

Network capacity grew by 4% compared to the previous financial year.

The company attributed the performance to its “agility in adapting to shifting market conditions, a focus on investing in digitalisation, deeper data-driven analyses, and its best-in-class reliability”. 

Qatar Airways Group chief executive officer Badr Mohammed Al-Meer said: “These record-breaking results are a testament to the hard work, skill and dedication of teams across all of Qatar Airways Group. 

“I know that none of the outstanding results we’re announcing today would be possible without our people – more than 55,000 of them across the globe - and it’s our focus on fostering that talent, which has been a core focus of our Qatar Airways 2.0 strategy."

Qatar Airways has acquired a 25% stake in Virgin Australia and a 25% stake in South Africa-based regional carrier Airlink in the past year.

It placed an order last week for 160 Boeing planes worth $96 billion.