This week, Qatar Airways Group reported what it says is the strongest financial performance in its 27-year history, announcing record profits of QAR 6.1 billion ($1.7 billion) in its annual report for the 2023/24 financial year.

“This latest remarkable annual performance demonstrates Qatar Airways Group’s flexibility and resilience in successfully navigating a constantly evolving global travel industry, and indicates a strong and sustained rebound from the challenges faced by the sector in recent years,” said the Minister of State for Energy and Qatar Airways Group chairman, Saad Sherida al-Kaabi.

“These very strong financials are a testament to the ambition and clear direction that has informed the Qatar Airways Group’s progress throughout the 2023/24 financial year. Our continued focus on profitability, efficiency and customer experience have been underpinned by a strategic programme of network growth and fleet expansion, resulting in the highest revenues and profit margins in the history of the airline,” said Qatar Airways Group CEO Badr Mohammed Al-Meer. “We also cemented our undisputed role as a key industry leader, maintaining our position as the airline of choice for millions of passengers worldwide.”

The group generated a strong EBITDA margin of 24% at QAR 19.1 billion ($5.2 billion), around QAR 1.2 billion ($0.3 billion) higher than the previous year.