How Did Qatar Airways Achieve Record-Breaking Financial Success in 2023/24?

Abhishek Nayar

04 Jul 2024

In a groundbreaking financial year, Qatar Airways has reported its most successful performance in its 27-year history. The Doha-based carrier achieved unprecedented revenues of QAR81 billion (US$22.2 billion) and a profit of QAR6.1 billion (US$1.7 billion). This article delves into the factors behind this extraordinary success and what it means for the future of the airline.

Unprecedented Financial Growth

Revenue and Profit Surge

Qatar Airways saw a revenue increase of QAR4.7 billion (US$1.3 billion), marking a 6% growth over the previous financial year. This growth was complemented by a significant improvement in the Group’s EBITDA, which rose by QAR1.2 billion (US$0.3 billion) to reach QAR19.1 billion (US$5.2 billion), representing a 24% increase in the EBITDA margin. The airline’s net profits soared by 39%, reaching QAR6.1 billion (US$1.7 billion), underscoring its financial robustness.

Passenger and Cargo Growth

Record Passenger Numbers

Passenger revenues increased by 19%, driven by a 21% capacity increase and an impressive load factor of 83%. The number of passengers carried surged to over 40 million, a 26% increase from the previous year, showcasing the airline’s strong post-pandemic recovery and its enhanced market share.

Leading Air Cargo Carrier

Qatar Airways Cargo maintained its status as one of the world’s leading air cargo carriers, with a market share increase to 7.1%. The cargo division celebrated its 20th year of operation in 2024, contributing significantly to the Group’s overall success.

Strategic Network Expansion

New Destinations and Route Resumptions

The airline expanded its network to over 170 destinations, adding new routes to Al Ula, Neom, and Tabuk in Saudi Arabia; Lyon and Toulouse in France; Medan in Indonesia; and Trabzon in Turkey. Additionally, operations resumed to 14 destinations, including Beijing, Chengdu, Chongqing in China, and Tokyo-Haneda and Osaka in Japan. This strategic expansion played a crucial role in boosting the airline’s competitive position and market presence.

Focus on Innovation and Customer Experience

Enhancing Operational Efficiency

Qatar Airways attributed its success to a continued focus on customer experience, innovation, digitalization, and sustainability. The airline emphasized streamlined, agile, and fit-for-purpose operations across all areas, creating a strong foundation for future growth.

Awards and Recognitions

The airline’s commitment to excellence was recognized at the 2023 World Airline Awards, where it was named the "Best Airline in the Middle East." This accolade highlights Qatar Airways’ dedication to providing superior service and maintaining its position as a leading global carrier.

Executive Leadership Insights

Strategic Vision and Leadership

Qatar Airways Group CEO, Badr Mohammed Al-Meer, credited the airline’s strong financial performance to a clear strategic vision focused on profitability, efficiency, and customer experience. He emphasized the importance of network growth and fleet expansion in achieving record revenues and profit margins.

Resilience and Adaptability

Qatar Airways Group Chairman, His Excellency Engr. Saad Bin Sharida Al-Kaabi, highlighted the airline’s flexibility and resilience in navigating the evolving global travel industry. He noted the airline’s strong rebound from recent challenges, underscoring its robust operational strategies and market adaptability.


Qatar Airways’ stellar financial performance in the 2023/24 fiscal year is a testament to its strategic growth, operational excellence, and unwavering commitment to customer satisfaction. As the airline continues to expand its network and innovate, it sets a strong foundation for future success and maintains its position as a global aviation leader.

Read next

Air India Teams Up with IBS Software for Cargo Ops Digitization

Abhishek Nayar

04 Jul 2024

In a landmark move aimed at revolutionizing its air cargo operations, Air India has partnered with IBS Software, a leader in SaaS solutions for the travel industry. This collaboration marks a pivotal step in Air India's extensive digital transformation journey, enhancing its capabilities to handle an ambitious target of ten million tonnes of air cargo annually by 2030.

The Digital Shift: iCargo Solution by IBS Software

Air India has selected IBS Software’s state-of-the-art iCargo solution to spearhead this transformation. This fully integrated platform is designed to digitize the entire cargo management process, from sales to billing, enabling seamless integration and streamlined operations.

Streamlined Processes and Enhanced Decision-Making

The iCargo solution promises to simplify complex cargo operations, enhancing efficiency and decision-making. By integrating various aspects of cargo management into a single platform, Air India aims to reduce operational redundancies and improve service delivery. This move is set to empower the airline to handle increased cargo volumes with greater ease and precision.

Statements from the Leaders: Vision and Commitment

Nipun Aggarwal, Chief Commercial and Transformation Officer at Air India, emphasized the strategic importance of this partnership, stating: "Air India is on a transformation journey to not only reaffirm its position as a global leader in aviation but to also establish foundations for future growth. Air cargo is one of the key drivers of our roadmap for future growth, and technology will be at the core of it."

Somit Goyal, Chief Executive Officer at IBS Software, expressed pride in supporting Air India’s ambitious goals: "We are proud that our market-leading digital platform for the air cargo industry will support the ambitious transformation goals of Air India's cargo offering and take it from strength to strength."

Implementation Timeline: Swift and Strategic Rollout

The first end-to-end implementation of the iCargo solution is expected to be completed within nine months from the project's inception. This swift rollout is designed to provide immediate business benefits to Air India, setting the stage for subsequent phases that will introduce additional value-added capabilities.

Future Prospects: Meeting Ambitious Cargo Targets

As Air India embarks on this digital transformation, the airline is poised to significantly enhance its cargo capabilities. This initiative aligns with India’s broader vision of becoming a major hub for air cargo, handling ten million tonnes per year by 2030. The integration of advanced digital solutions will be instrumental in achieving these ambitious targets.

Conclusion: A Bright Future for Air India’s Cargo Operations

The partnership between Air India and IBS Software represents a significant leap towards modernizing and optimizing cargo operations. By leveraging cutting-edge technology, Air India is set to enhance its operational efficiency, improve service quality, and achieve its growth targets, reaffirming its position as a global aviation leader.

As this digital transformation unfolds, stakeholders and industry watchers alike will be keenly observing the positive impacts on Air India's cargo operations, anticipating a future where technology and aviation converge to create seamless and efficient air cargo solutions.

Read next

Will Air India Express Resolve its Labor Disputes? A Closer Look

Abhishek Nayar

04 Jul 2024

Air India Express, a significant player in India's aviation sector, recently faced operational disruptions following a large-scale sick leave incident by its cabin crew in May. In a critical move towards resolving ongoing labor issues, the airline has decided to defer the inquiry process against nearly 200 cabin crew members. This decision, made during a meeting convened by the Central Labor Commissioner, marks a significant step in the ongoing conciliation proceedings.

Background: The Sick Leave Incident

In May, Air India Express experienced considerable operational challenges when around 200 cabin crew members reported sick, leading to significant flight disruptions. The airline issued charge sheets to these employees in June, which escalated tensions between the management and the Air India Express Employees Union (AIXEU). The union, representing a section of the cabin crew, had filed a complaint with the labor department last year, leading to the current conciliation process under the Industrial Disputes Act.

The Central Labor Commissioner's Meeting

On Tuesday, a pivotal meeting took place in the national capital as part of the ongoing conciliation proceedings. Representatives from AIXEU highlighted the issue of the charge sheets and sought their withdrawal. On the advice of the conciliation officer, the airline's management agreed to defer the inquiry process related to these charge sheets.

According to Girish Chandra Arya, All India Secretary of Bharatiya Mazdoor Sangh (BMS), the charge sheets will be held in abeyance, and the inquiry process will be suspended pending the outcome of the conciliation proceedings. Arya emphasized that during such proceedings, the airline management should refrain from any coercive actions.

Broader Labor Concerns

The conciliation process also aims to address several other critical issues, including hotel accommodations and crew scheduling. These matters will be discussed bilaterally between the management and the crew. The next conciliation meeting is scheduled for August 8.

On Monday, representatives from BMS and AIXEU met with Civil Aviation Minister K Rammohan Naidu to discuss various issues. The union proposed a tri-party meeting involving the union, management representatives, and officials from the civil aviation ministry to address the cabin crew's concerns comprehensively.

The Impact of the Dispute on Operations

The cabin crew strike on May 9, called off after a meeting convened by the Chief Labour Commissioner (Central), had caused significant flight disruptions. The strike was a protest against alleged mismanagement at the Tata Group-owned airline. The ongoing labor disputes highlight underlying issues within Air India Express, especially amidst the Tata Group's broader plans to merge Air India Express and AIX Connect, as well as Vistara with Air India.

Moving Forward

The deferral of the inquiry process and the ongoing conciliation proceedings provide a glimmer of hope for resolving the disputes between Air India Express and its cabin crew. The outcome of these discussions will be crucial for the airline's future operations and its efforts to maintain a harmonious relationship with its employees.


As Air India Express navigates through its labor disputes, the aviation industry watches closely. The decisions made in the upcoming conciliation meetings will significantly impact not only the airline's operations but also the broader efforts to merge with other entities under the Tata Group umbrella. Will the deferral of the inquiry process and continued negotiations lead to a lasting resolution? Only time will tell.

By addressing the issues raised by the cabin crew and engaging in constructive dialogue, Air India Express has the opportunity to rebuild trust and ensure smoother operations in the future. The upcoming meetings and decisions will be critical in shaping the airline's path forward amidst its current challenges.

Read next

Airbus Eyes Key Spirit AeroSystems Assets in Scotland and Malaysia

Abhishek Nayar

03 Jul 2024

In a significant development within the aerospace industry, European aerospace giant Airbus may soon acquire critical assets from Spirit AeroSystems in Scotland and Malaysia. This potential acquisition, detailed in a recent filing by Spirit AeroSystems, arises from the company's ongoing efforts to streamline its operations and manage its financial liabilities.

The "Project Sparrow" Agreement

Airbus has already agreed to take over core activities at four of Spirit AeroSystems' plants located in the United States, Northern Ireland, France, and Morocco. This move, part of a strategic initiative known as "Project Sparrow," aims to consolidate Airbus' manufacturing capabilities and ensure a stable supply chain for its aircraft production.

Potential Asset Transfers in Scotland and Malaysia

Spirit AeroSystems plans to sell its operations in Prestwick, Scotland, and Subang, Malaysia. These plants support Airbus programs, with the Subang facility also producing components for Boeing's 787 Dreamliner. If Spirit fails to find buyers for these assets by mid-2025, the agreement stipulates that Airbus will step in to acquire them. This arrangement ensures continuity in Airbus' supply chain and aligns with the company's broader strategic goals.

Financial Implications and Compensation

Spirit AeroSystems has faced financial challenges, particularly with its Airbus-related activities. As part of the deal, Airbus will receive $559 million in compensation from Spirit, reflecting the final contours of the agreement. Interestingly, Airbus will pay a symbolic $1 for the assets, underscoring the financial difficulties faced by Spirit and the strategic value of these assets to Airbus.

Strategic Reorganization of Spirit AeroSystems

Spirit AeroSystems' reorganization includes selling operations in Belfast that do not support Airbus programs. The company has outlined plans to transfer several other businesses to Airbus, including Airbus Kinston, the Belfast Airbus business, the A220 Pylon business, and the Morocco business.

The Road Ahead: Cooperation and Contingencies

The agreement between Airbus and Spirit AeroSystems includes provisions for cooperation if a third-party buyer for the Subang and Prestwick assets is not found. This cooperative approach ensures that both companies can adapt to changing market conditions and maintain operational stability.


The potential acquisition of Spirit AeroSystems' assets in Scotland and Malaysia by Airbus represents a strategic shift in the aerospace manufacturing landscape. This move not only highlights the financial struggles of Spirit AeroSystems but also underscores Airbus' commitment to securing its supply chain and enhancing its manufacturing capabilities. As the industry navigates through these changes, the outcomes of "Project Sparrow" will be closely watched by stakeholders and competitors alike.

Future Outlook

As the aerospace industry continues to evolve, the strategic decisions made by key players like Airbus and Spirit AeroSystems will shape the future of aviation manufacturing. The potential acquisition of these assets marks a pivotal moment in the industry's ongoing transformation, promising new opportunities and challenges for all involved.

With Inputs from Reuters

Read next

A Century-Old Colombian Airline Eyes U.S. IPO

Abhishek Nayar

03 Jul 2024

Avianca Group, the holding company for Colombia’s storied airline, announced plans to confidentially file for an initial public offering (IPO) in the United States. This move comes as the airline seeks to capitalize on its recovery and expansion following a tumultuous period marked by bankruptcy during the COVID-19 pandemic.

From Turbulence to Triumph: Avianca’s Journey

Founded in 1919, Avianca is the second-oldest airline in continuous operation globally. The Bogota-based carrier faced significant challenges during the pandemic, filing for Chapter 11 bankruptcy in May 2020 after missing a bond payment deadline. The airline successfully emerged from bankruptcy in December 2021, marking a significant turnaround.

A Strategic Merger: The Birth of Abra Group

In May 2022, Avianca entered into a strategic partnership with Brazilian carrier Gol. The two airlines combined under a single leadership structure known as the Abra Group. This merger aimed to strengthen their market position and enhance operational synergies across Latin America.

The Path to Profitability

Avianca’s financial performance has shown notable improvement since its emergence from bankruptcy. In the first quarter of the current year, the airline reported a profit of $13 million. This positive outcome was driven by a substantial increase in passenger numbers, with 9.3 million passengers transported, representing a 37.5% rise compared to the previous year. Total operating revenue also saw an uptick, reaching $1.27 billion, up from $1.09 billion in the same period last year.

Expanding Horizons: Avianca’s Fleet and Network

Avianca operates a fleet of 147 aircraft, including Airbus 320 and Boeing 787 Dreamliner models. The airline’s extensive network covers 150 routes, connecting over 76 destinations across 26 countries in the Americas and Europe. This robust operational capacity underscores Avianca’s commitment to offering diverse travel options to its passengers.

Tapping into U.S. Capital Markets: A Strategic Move

Avianca’s decision to pursue an IPO in the United States aligns with a broader trend among Latin American airlines seeking to access the deeper capital pools and favorable valuations of the U.S. markets. The timing and execution of the IPO will depend on market conditions, but this move is expected to provide Avianca with the financial resources needed to further its growth and operational goals.

Conclusion: A Promising Future Ahead

As Avianca prepares for its IPO, the airline’s century-long legacy of resilience and innovation continues to shine. With its successful emergence from bankruptcy, strategic mergers, and improving financial health, Avianca is well-positioned to navigate the dynamic aviation landscape and achieve new heights in the coming years. Investors and industry watchers alike will be keeping a close eye on this historic airline as it embarks on its next journey.

With Inputs from Reuters

Read next

Can Air India Revitalize Its Regional Network and Challenge IndiGo?

Abhishek Nayar

03 Jul 2024

Air India is reportedly contemplating a significant push into regional routes within India, a move that could reshape the competitive landscape of the country's aviation sector. According to sources within the company, internal discussions are underway about expanding operations to include more flights between major Indian cities and smaller tier two and three cities, as well as point-to-point connections between various smaller cities.

"Discussions were held on the matter," an anonymous Air India official said. "These are internal discussions and there will be further rounds of assessment on this before a final decision is taken. The opportunity in the regional space is staring us in the face, and the intent is to provide a complete travel solution to Indian travelers."

Historical Context and Strategic Gaps

Previously, when Air India was a state-owned entity, its subsidiary Alliance Air (India) handled regional domestic routes while Air India focused on trunk routes and international operations. However, when Tata Sons acquired Air India in early 2022, Alliance Air remained under government control, leaving Air India without a substantial regional network. This strategic gap has become more noticeable as the Indian government's Ude Desh ka Aam Naagrik (UDAN) scheme has made regional routes more financially attractive by subsidizing airlines to operate certain sized aircraft on underserved and unserved routes.

Competitive Landscape

IndiGo, Air India's largest domestic competitor, has established a strong presence in the regional market. IndiGo operates a fleet of forty-five ATR72-600s, serving an extensive network of regional routes. Moreover, IndiGo is reportedly planning to order around 100 additional regional aircraft, which will further bolster its position. SpiceJet, another key player, has a fleet of twenty-four DHC-8-Q400s, although 18 of these aircraft are currently inactive. Additionally, start-ups such as Star Air (India), Fly91, and flybig are making their mark in the regional space with smaller fleets and varying degrees of success.

Exploring Fleet Options

To bridge this gap, Air India is considering operating ATR - Avions de Transport Régional turboprops. "This is one of the options that the Air India Group is looking at with a lot of interest," the official noted. Unlike its competitors, Air India currently does not operate any turboprop aircraft, which are particularly well-suited for short-haul regional flights.

Strategic Implications and Future Prospects

If Air India decides to proceed with this strategic shift, it could significantly alter the dynamics of the regional aviation market in India. The move would not only enhance connectivity to smaller cities but also provide travelers with more options, potentially increasing competition and driving improvements in service quality across the sector.

Furthermore, tapping into the regional market aligns with Air India's broader strategy of offering a comprehensive travel solution to Indian travelers. With the UDAN scheme providing financial incentives, the timing could be opportune for Air India to re-enter the regional market and challenge IndiGo's dominance.


As Air India contemplates this potential expansion, the aviation industry is watching closely. The outcome of these internal discussions and subsequent strategic decisions will be critical in determining whether Air India can successfully re-establish itself in the regional market and provide robust competition to IndiGo and other regional carriers. The intent to offer a complete travel solution is clear, but the execution will be key to transforming this vision into reality.

With Inputs from ch-aviation