After the airline announced a $1.21 billion yearly profit and its highest-ever revenue, employees at Qatar Airways will get a bonus equal to five weeks of pay.
The profit-sharing bonus stands in contrast to Emirates, a regional rival where staff recently received a bonus equal to 24 weeks of pay.
With the historic FIFA World Cup Qatar late last year, Doha-based airline Qatar Airways described 2022–2023 as an “extraordinary” year. Although profits were marginally lower than in 2021–2022, the airline claimed an increase in yearly sales of $21 billion.
Although capacity only increased by about 30%, the profits were driven by a 100% rise in passenger revenue compared to the previous year. Profits were boosted by higher yields of 9% and a higher load factor (the average percentage of seats occupied) of 80%.
The airline reported that it transported 31.7 million passengers during the fiscal year, a tremendous 71% rise over the prior year. Approximately 1.4 million travelers used Qatar Airways to travel to the FIFA World Cup.
“This year’s strong financial results are attributed to the strong passenger demand recovery and the team’s ability to cater to this demand,” commented the airline’s chief executive Akbar Al Baker.
“As the global travel recovery from the COVID-19 pandemic continues, we have managed to retain high levels of trust, reliability, and confidence with our customers. As a result, we maintained our position as the airline of choice for millions of passengers worldwide,” Al Baker continued.
As of yet, Qatar Airways has only provided headline-only summaries of its financial results.
With the resolution of a contentious legal fight with the aircraft manufacturer Airbus, Qatar Airways has expanded its network to 160 destinations and is now able to reactivate its grounded A350 aircraft. If this disagreement is settled, the carrier should be able to increase capacity more affordably.
