Qatar Airways Group has turned in a full-year net profit of QR6.1 billion ($1.7 billion), up nearly 40%, on revenues of QR81 billion.

It states that the figures amount to a record full-year performance for the company.

The Doha-based airline says passenger numbers increased more than a quarter to over 40 million – with a load factor of 83% – during fiscal 2023-24.

While passenger revenues rose by 19%, to QR59.1 billion, cargo revenues sank by 25% to QR15.2 billion.

“Our continued focus on profitability, efficiency and customer experience have been underpinned by a strategic programme of network growth and fleet expansion, resulting in the highest revenues and profit margins in the history of the airline,” says chief executive Badr Mohammad Al-Meer.

He says the figures illustrate the “ambition and clear direction” of the airline over the last 12 months.

Over the year the group introduced 25 aircraft including seven Boeing 787-9s, five Airbus A350-1000s, three 777-300ERs, nine 737 Max 8s, and a 777 freighter.

This brought its fleet up to 284 aircraft comprising 230 passenger models, 29 aircraft for the cargo division, and 25 for the Qatar Executive VIP fleet.

Qatar Airways’ network has expanded to over 170 destinations, with new services complementing the restoration of operations to a number of cities.

Qatar 787-c-Qatar Airways

Source: Qatar Airways

Qatar Airways flew over 40 million passengers during 2023-24