Doha-based carrier Qatar Airways is setting yet another record. On the heels of a historic fleet expansion, the Gulf airline has just posted its highest-ever annual earnings for the 2024 fiscal year that ended in March.?
In 2024, Qatar Airways Group earned a net profit of $2.1 billion, which is a 28% increase year over year, according to the airline. The 2024 report was the carrier¡¯s strongest financial results in its entire history.
The historic earnings announcement comes just days after the airline placed a record-breaking order for up to 200 new widebody planes from Boeing, the largest-ever widebody order in the company¡¯s history. Qatar Airways is best known for its luxurious business-class product, called Qsuites, which was one of the first business-class cabins with sliding privacy doors and offers over-the-top perks like double beds.
Luxury carriers in the Gulf region are experiencing a boom in demand and profits while other airline categories, like low-cost carriers in the United States, have struggled to stay profitable amid a lack of demand from budget-minded travelers. Dubai-based airline Emirates also recently reported record earnings for the 2024 financial year. Emirates earned an astounding $5.8 billion in net profits, a year-over-year increase of 20% that has made it the most profitable airline in the world.?
Qatar Airways has been able to weather the recent economic headwinds in part because the airline group ¡°successfully implemented strategic partnerships throughout the industry, in order for the Group to remain agile in the face of ever-shifting world events, whether political, economic or environmental,¡± said Badr Mohammed Al-Meer, CEO of Qatar Airways Group. Over the past year, the airline has acquired a 25% stake in Virgin Australia, as well as a 25% stake in Airlink, a South African regional carrier.
¡°All of this means we continue to offer and develop exceptional service in the skies, whether it¡¯s the award-winning Qsuite, fine dining, or super-fast complimentary Starlink internet connectivity for all passengers,¡± Badr Mohammed Al-Meer said.?
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