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Qatar Airways Reports Net Profit of $1.21 Billion for Fiscal Year 2022-2023

Net profit for the fiscal year 2022-2023 stood at 4.4 billion riyals ($1.21 billion), Qatar Airways said
Net profit for the fiscal year 2022-2023 stood at 4.4 billion riyals ($1.21 billion), Qatar Airways said
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Qatar Airways Reports Net Profit of $1.21 Billion for Fiscal Year 2022-2023

Net profit for the fiscal year 2022-2023 stood at 4.4 billion riyals ($1.21 billion), Qatar Airways said
Net profit for the fiscal year 2022-2023 stood at 4.4 billion riyals ($1.21 billion), Qatar Airways said

Qatar Airways has reported a record annual revenue of 76.3 billion riyals ($21 billion), underpinned by a higher customer base after the Doha-based carrier hosted the FIFA World Cup as its official partner and airline.

Net profit for the fiscal year 2022-2023 stood at 4.4 billion riyals ($1.21 billion), the company said in a statement, when the airlines carried 31.7 million passengers, a 71% jump year-on-year.

The airline recorded a load factor of 80% and yields, both the highest in the company's history.

During the World Cup, Qatar Airways operated about 14,000 flights, bringing in more than 1.4 million fans to the Gulf country.

The airline could expand its number of destinations by more than 255 from 170 under plans for rapid growth, CEO Akbar Al Baker said in May, but its ability to do so depends on the delivery of additional aircraft.

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$266 Mln Deal Boosts Liquidity in Saudi Housing Market

One of the projects under the Sakani program in Saudi Arabia (Asharq Al-Awsat)
One of the projects under the Sakani program in Saudi Arabia (Asharq Al-Awsat)
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$266 Mln Deal Boosts Liquidity in Saudi Housing Market

One of the projects under the Sakani program in Saudi Arabia (Asharq Al-Awsat)
One of the projects under the Sakani program in Saudi Arabia (Asharq Al-Awsat)

The Saudi Real Estate Refinance Company (SRC), owned by the Public Investment Fund, has signed a SAR 1 billion ($266.7 million) agreement with Bidaya Finance to buy a mortgage portfolio.
The deal is the largest of its kind, aimed at injecting liquidity into Saudi Arabia’s housing market.
The agreement, signed on Sunday, was attended by Housing Minister Majed Al-Hogail, who also chairs SRC, and Abdulaziz Al-Omair, Chairman of Bidaya Finance.
This move supports SRC’s efforts to grow the mortgage market and expand refinancing options, aligning with Vision 2030’s goal of increasing homeownership among Saudi citizens.
SRC CEO Majeed Al Abduljabbar said the deal will boost liquidity and stabilize the housing finance market, helping more Saudis own homes. He added that it builds on SRC’s plan to partner with key lenders and develop a strong secondary mortgage market.
“This agreement is a pivotal step toward achieving the strategic objectives of the Housing Program by increasing homeownership among citizens,” Abduljabbar noted.
“It also aligns with our strategy to forge strategic partnerships with leading financing institutions, fostering the development of an active secondary market for residential mortgages,” he added.
Bidaya Finance CEO Mahmoud Dahduli called the agreement a step forward in offering innovative financing solutions, enabling more citizens to achieve their housing goals and contributing to Vision 2030’s housing targets.
“This strategic collaboration with SRC reinforces our shared role in offering reliable, innovative financing solutions that empower citizens to realize their housing aspirations, aligning with the Housing Program’s goal of increasing homeownership,” Dahduli said.
Established in 2017 by the Public Investment Fund, SRC aims to make home financing more accessible by providing liquidity to lenders and supporting Saudi Arabia’s housing sector under the national transformation plan, Vision 2030.