Qantas Group is taking some major steps forward. Qantas announced an order for 12 Boeing 787 Dreamliner airplanes, including four 787-9 and eight 787-10 models. These planes are all set to be delivered in 2023. But that’s not all; Qantas Group has also posted its first full-year profit since 2019.
Modernizing the Fleet with Boeing
The new order of 787 Dreamliners is part of Qantas’ global growth strategy. These planes are known for their fuel efficiency and environmental performance, which align with Qantas’ goals to reduce carbon emissions over the next decade and beyond.
Alan Joyce, Qantas Group CEO, expressed his excitement about the investment, saying, “The 787 and the GE engines fitted to them, are thoroughly proven and extremely capable.” He also highlighted that this is a “multi-billion-dollar investment in the national carrier.”
The 787 Dreamliners will enable Qantas to meet both near- and long-term sustainability goals. They can reduce fuel use and emissions by up to 25% and are capable of flying on a blend of Sustainable Aviation Fuel (SAF). Stan Deal, president and CEO of Boeing Commercial Airplanes, emphasized that the 787 Dreamliner is “central to Qantas’ unwavering commitment to operate one of the most sustainable and capable fleets in the airline industry.”
These new planes will also expand Qantas’ international route network. The 787-9 can fly up to 7,565 nautical miles, connecting Australia to North America and Europe. The larger 787-10 has a range of 6,330 nautical miles, allowing the airline to serve many popular international and regional routes.
Financial Turnaround and Future Investments
Qantas Group’s financial success is another big story. For 2023, the Group achieved an Underlying Profit Before Tax of $2.47 billion and a Statutory After Tax Profit of $1.74 billion. This is a significant turnaround from $7 billion in accumulated statutory losses over the previous three years.
Qantas Group CEO Alan Joyce highlighted the substantial turnaround, saying, “These results show a substantial turnaround in both our finances and service over the past year.” He also mentioned the company’s plans for future investments worth billions of dollars, including firm orders for 24 Boeing and Airbus widebody aircraft from 2027 onward.
The Group’s operational performance has also improved, with Qantas achieving the best on-time performance of the major domestic airlines for 11 months out of 12. Customer satisfaction has improved as well, though not yet back to pre-COVID levels.
A Bright Future Ahead
With the new Boeing 787 Dreamliner order and impressive financial results, Qantas Group is positioning itself for a bright future. The modernization of the fleet and the commitment to sustainability reflect the company’s forward-thinking approach. The financial turnaround and plans for future investments show a strong and resilient business strategy.
Qantas Group’s success is not just about numbers and planes; it’s about people. Alan Joyce acknowledged the hard work of the staff, announcing that more than 21,000 non-executive staff will receive up to $6,000 worth of Qantas shares as a thank you for their part in the recovery.
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