The World Cup, which provided Qatar Airways a huge boost, and high demand for leisure travel have helped international airlines report large profits this year.
The first half of the year saw International Airlines Group, which also owns Aer Lingus and British Airways, post a record profit of approximately $1.4 billion.
Qatar’s Remarkable Transformation for International Events
Luis Gallego, the CEO of IAG, stated in a statement that the company aims to reach pre-pandemic capacity by the end of the year.
Despite the inflationary setting, the AirFrance-KLM Group recorded second quarter revenue of almost $8 billion, an increase of about $1 billion from the prior year.
If the current performance of Qatar Airways is any indicator, AirFrance-KLM will gain from the 2024 Games. Qatar Airways earned a $1.2 billion profit for the previous fiscal year and attributed its successful results to the FIFA World Cup in December.
Before the contentious competition, doubts abounded over the little nation’s capacity to host an international competition with its three million inhabitants.
But after winning the bid, Qatar committed almost $220 billion to building new transportation and housing facilities to serve a global clientele.
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Qatar Airways’ Profit Surge
According to FIFA, the project was a success as evidenced by ticket sales for the first round of the competition exceeding 3 million. According to Qatar Airways’ report, the airline conducted almost 140,000 flights to transport more than 1.4 million people to Qatar during the 2022 World Cup.
Akbar Al Baker, the Group’s chief executive, stated in a statement that a 100% rise in passenger revenues over the previous year has been the primary driver of profitability.
They kept us in the top spot as the airline of choice for millions of travelers throughout the world, and our crew carried 31.7 million passengers, up 71 percent from the previous year.
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