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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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Saudi Entertainment Sector Continues to Attract More Visitors

An event during Riyadh Season 2024. SPA
An event during Riyadh Season 2024. SPA
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Saudi Entertainment Sector Continues to Attract More Visitors

An event during Riyadh Season 2024. SPA
An event during Riyadh Season 2024. SPA

The entertainment sector in Saudi Arabia continues to attract more visitors to achieve the country's target of 150 million visitors annually by 2030.

The General Entertainment Authority announced last Friday that Riyadh Season 2024 has already welcomed over 12 million visitors since its launch on October 13 with a daily average of around 174,000 visitors.

The number of visitors to Riyadh Season 2024 has already exceeded half the total attendance of last year's season, which was 20 million visitors, with a daily average of about 150,000 visitors.

Chairman of the General Entertainment Authority Turki Alalshikh announced during a press conference for Riyadh Season 2024 that this year's edition will include 14 entertainment areas, 11 international tournaments, and 100 exhibitions and festivals.

Saudi Minister of Tourism Ahmed Al-Khatib revealed earlier this year that the country had achieved the goals of Vision 2030 by surpassing 100 million visitors. As a result, Crown Prince Mohammed bin Salman’s new strategy was set to reach 150 million visitors.

In September, the International Monetary Fund (IMF) highlighted Saudi Arabia’s tourism sector as a major contributor to the country’s economic diversification.
An IMF report acknowledged Saudi Arabia’s success in exceeding the Vision 2030 target of attracting 100 million visitors annually by 2023, seven years ahead of schedule. Tourism revenues reached $36 billion in 2023, with net tourism income increasing by 38%. The sector’s direct and indirect contribution to GDP reached 11.5% in 2023, with expectations to grow to 16% by 2034.