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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