Qantas Group reported a positive result for the six months ending December 31, 2024. Underlying profit before tax (PBT) reached AUD 1.39 billion (USD 876 million), an 11% year-on-year increase, while statutory net profit was AUD 923 million (USD 582 million), up 6% compared to the same period last year.
Profitability growth was driven by sustained demand across all segments, with a 10% increase in the number of passengers carried by Qantas and Jetstar. Jetstar recorded a record passenger volume, benefiting from accessible fare strategies in a high-cost-of-living environment.
Despite inflationary pressures, the airline offset rising costs through transformation initiatives. Reflecting its financial stability, Qantas announced the resumption of dividend payments, with a base distribution of AUD 250 million and a special dividend of AUD 150 million.
As part of its fleet renewal, the company added 11 new aircraft and five mid-life aircraft, prioritizing fuel-efficient models such as the Airbus A321LR and A320neo. Its loyalty program, Qantas Loyalty, reached 17 million members and recorded a 10% increase in points accumulation, while the expansion of Classic Plus added 20 million additional seats.
To enhance the customer experience, the airline allocated AUD 40 million to new ground training facilities and expanded VIP lounges at key airports such as Auckland and Sydney.
As part of its modernization strategy, the company announced an upgrade for the cabins of 42 Boeing 737s, including new Business and Economy seats, larger overhead compartments, upgraded materials, ambient lighting systems, and high-speed free Wi-Fi. The first refurbished aircraft will enter service in 2027.
Performance by segment
The underlying EBIT for the domestic segment reached AUD 916 million. Jetstar reported a 54% increase in profits, with an 8% capacity expansion due to the addition of new aircraft. Qantas Domestic increased its revenue, driven by demand in the corporate and premium segments, although it faced high airport fees and fleet transition costs, particularly with the replacement of Boeing 717s with Airbus A220s.
In the international segment, underlying EBIT was AUD 497 million, reflecting 5% year-on-year growth. Travel demand remained high, with a 2.5 percentage point increase in premium cabin load factor. Jetstar increased its international capacity by 26%, launching six new routes. Average international fares dropped by 6.6% due to supply expansion. In the cargo segment, revenue grew by 11%, driven by fleet expansion and the rise of e-commerce.
Qantas Loyalty recorded an underlying EBIT of AUD 255 million. The active member base grew by 11%, and points accumulation increased by 10%. The introduction of the Classic Plus program raised the points redemption rate, impacting profitability. A 10% EBIT growth is projected for the end of the fiscal year.
The sector faces inflationary pressures and rising costs in the aviation supply chain, affecting engineering and maintenance. The "Same Job, Same Pay" legislation generated an additional cost of AUD 65 million, although the company is implementing strategies to mitigate its impact. Fleet transition also entails initial operating expenses, although long-term savings are expected.
Demand in both corporate and leisure segments remains strong. For the second half of 2025, a 3-5% increase in domestic unit revenue is projected, along with an increase of between AUD 10 million and 30 million in net cargo revenue. Qantas will continue investing in its fleet, with the first A321XLR set to arrive in June 2025, and will develop initiatives in sustainable aviation fuels (SAF).
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