The Qatar Airways group recorded a net profit of 1.2 billion dollars in fiscal year 2022/23.

In a statement released today, the group revealed that passenger revenue increased by 100% compared to last year, with a capacity increase of 31%, driven by 9% higher yields and a load factor of 80% - both the highest in the airline's history, resulting in a sustainable increase in market share.

Qatar Airways carried 31.7 million passengers, an increase of 71% over last year and the continued focus on customer experience, loyalty, digitalization and sustainability has placed Qatar Airways on a solid platform for the future, the statement said.

"Qatar Airways Cargo maintained its position as the world's leading air cargo carrier during the 2022/23 fiscal year, moving forward with a strategic focus on growth, sustainability and digitalization, and supporting the continuity of global trade despite current market challenges," the statement said.

"I am pleased to announce that Qatar Airways group has demonstrated another outstanding annual performance. Qatar's transport sector is an emblem of its interconnectivity, linking people from all over the world and increasing trade links across the region," said Minister of State for Energy and Chairman of Qatar Airways Group, Saad Bin Sharida Al-Kaabi.

On the other hand, Qatar Airways Group CEO Akbar Al Baker explained that "this year's good financial results are attributable to the strong recovery in passenger demand and the team's ability to meet that demand, supported by the continued growth of the network, market leadership and the operational efficiency provided by the frontline team."

"Profitability has been boosted by a 100% increase in passenger revenues over the last year. Load factors exceed 80% and current yield levels are the highest in our history," he said.