Qantas Group Achieves Profit Milestone Post COVID

Sydney, August 24, 2023 - The Qantas Group (ASX: QAN) has marked a significant milestone by posting its first full year statutory profit since the pre-pandemic era of FY19. The stellar financial results for FY23 have paved the way for employee rewards, customer benefits, and shareholder returns, underscoring the company's resilient recovery and strategic prowess.

Impressive Financial Metrics

The Group's performance in FY23 has been nothing short of remarkable. The Underlying Profit Before Tax reached an impressive AU$2.47 billion, along with a Statutory After Tax Profit of AU$1.74 billion. This notable achievement comes on the back of accumulated statutory losses of AU$7 billion over the previous three years. The accomplishment was driven by the completion of the Group's AU$1 billion recovery program, soaring travel demand, and a remarkable 132% increase in flying compared to FY22.

Investment and Expansion

The successful financial outcomes have enabled the Qantas Group to make strategic moves that bolster its future growth. The announcement of an order for 12 Boeing 787s and 12 Airbus A350s has garnered attention, signaling the Group's commitment to enhancing its fleet and passenger experience. Notably, this deal includes access to Sustainable Aviation Fuel (SAF) to help the company achieve up to 90% of its interim SAF target.

Customer Rewards and Recognition

To show appreciation for customer loyalty and support during challenging times, Jetstar and Qantas have released over 1 million sale fares. Additionally, Frequent Flyers are set to receive more than 1 billion bonus points, reflecting the company's gratitude. Furthermore, approximately AU$340 million has been allocated to reward over 21,000 staff members. Non-executive employees will receive up to AU$6,000 worth of Qantas shares each, emphasizing the pivotal role they played in the Group's resurgence.

CEO's Perspective

Qantas Group CEO Alan Joyce lauded the transformational journey that has led to this remarkable turnaround. He emphasized the shift from losses to strong profitability and the significant investments that will propel the company forward. The CEO praised the dedication of the Qantas team in navigating through challenges and delivering operational excellence.

Future Prospects

The Group's accomplishments in FY23 set the stage for continued growth, innovation, and customer-centric offerings. With a robust financial position, the Qantas Group is well-positioned to explore new aircraft, routes, and facilities, ultimately enhancing the travel experience for its passengers. As the aviation industry rebounds, the Qantas Group's triumphant return to profitability stands as a testament to its resilience, adaptability, and commitment to delivering exceptional service in an evolving landscape.

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