Record revenues reported by Qatar Airways fueled by FIFA World Cup

Qatar Airways has recently announced its highest annual revenue to date, driven by the successful FIFA World Cup hosted in Qatar last year.

During the fiscal year 2022/23, Qatar Airways Group experienced a significant 100% increase in passenger revenue and achieved overall revenue of 76.3 billion Qatari riyals ($21 billion).

The airline witnessed a remarkable 71% growth in passenger numbers, with a total of 31.7 million individuals opting to fly with Qatar’s flagship carrier in the past year.

The World Cup played a crucial role in Qatar Airways’ impressive passenger figures, as the airline successfully transported 1.4 million passengers to the event while serving as its official carrier.

Attributing these exceptional results to a “successful strategy during an extraordinary year,” Qatar Airways remains aligned with the ongoing recovery of the global aviation industry. Notably, Emirates, Ryanair, easyJet, and British Airways have also reported remarkable profits and raised their profit expectations for the future.

In September 2020, Qatar Airways received a $1.95 billion government bailout, following substantial annual losses that exceeded 50% of its share capital. The airline managed to mitigate the impact of the Covid-19 pandemic by implementing cost-cutting measures, including job cuts and delays in new aircraft acquisitions.

Investors are eager to observe Qatar Airways’ performance in the upcoming year, particularly with the emergence of its new rival, Riyadh Air, which commenced operations in March.

Qatar Airways CEO Akbar Al Baker expressed enthusiasm for healthy competition, stating, “We will continue to compete as we have been doing all these years.” His remarks were made during the Arabian Travel Market conference in Dubai.