Qatar Airways reports record revenue, bolstered by FIFA World Cup|usa4world

Qatar Airways on Thursday announced record annual revenue after last year’s FIFA World Cup boosted the company’s financial position.

Qatar Airways Group reported that passenger revenue increased by 100% during its fiscal year 2022/23, with total revenue reaching 76.3 billion Qatari riyals ($21 billion).

A total of 31.7 million passengers flew with Qatar’s flagship carrier last year, up 71% from the previous year.

The World Cup provided a substantial boost to Qatar’s passenger figures, with the airline carrying 1.4 million passengers to the event. The carrier was the official airline of the soccer tournament.

According to an airline press release, the airline attributed these results to a “successful strategy during an extraordinary year”.

The results are in line with a global resurgence of airlines as the post-pandemic recovery is in full swing after a turbulent few years for the sector. Emirates and Ryanair announced bumper profits in May, while EasyJet and British Airways both raised their profit expectations for the coming year.

Qatar Airways received a government bailout of $1.95 billion in September 2020 after the state-owned group reported annual losses of more than 50% of its share capital. The carrier made drastic job cuts and delayed new planes as ground air travel ground to a halt due to the COVID-19 pandemic.

Investors will be keen to see how the airline fares in the coming year, especially with the launch of new rival Riyadh Air, which debuted in March.

Qatar Airways CEO Akbar Al Baker said he “loves” his airline[s] competition,” when he spoke to sources in May.

“We will compete like we have been competing for so many years,” he said at the Arabian Travel Market conference in Dubai.

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