Sydney, Aug 29: The Qantas Group delivered robust financial results in FY24, achieving an Underlying Profit Before Tax of $2.08 billion and a Statutory Profit After Tax of $1.25 billion.
This success came as the Group invested heavily in customer service, new aircraft, and employee benefits, all while returning value to shareholders.
The Group Domestic sector delivered $1,361 million in underlying earnings, and Qantas Loyalty recorded a record Underlying EBIT of $511 million.
Qantas Group CEO Vanessa Hudson emphasised the Group’s strong financial position, which supports its largest-ever fleet renewal program.
This includes the introduction of 11 new aircraft in FY24, with 20 more due in the coming year.
The new fleet, including Jetstar’s Airbus A321neo Long Range and QantasLink A220s, will enhance operational efficiency, passenger comfort, and environmental sustainability.
Ahead of the arrival of the first Airbus A321XLR in April 2025, Qantas has begun pilot training on a new simulator.
This next-generation aircraft, which will replace the Boeing 737s, will offer expanded non-stop routes, improved passenger experience, and more job opportunities within Qantas.
The A321XLR, configured to seat 197 passengers, will feature quieter cabins, larger overhead bins, and fast, free Wi-Fi.
Vanessa Hudson stated, “The A321XLR is a fantastic aircraft to be part of our next generation fleet, and its range and versatility will give us the opportunity to explore more non-stop routes and operate them cost-effectively.”
The Qantas Group remains committed to sustainability, with significant investments in decarbonisation and ongoing advocacy for a domestic sustainable aviation fuel (SAF) industry.
The Group has also renewed its agreement to purchase SAF for flights out of Heathrow for a third year and expanded its corporate customer SAF program.
The Group’s financial strength, combined with stable travel demand, sets the stage for continued growth and shareholder returns in FY25.
In another development, Qantas has reached an agreement with the Flight Attendants Association Australia (FAAA) to support the union’s three ‘Same Job Same Pay’ applications for its short-haul cabin crew, following discussions with the Fair Work Commission (FWC).
This decision comes in response to the Labor Government’s ‘Same Job Same Pay’ legislation passed in December 2023, which impacts workforce arrangements for Qantas and other businesses.
As part of the agreement, up to 800 Qantas short-haul cabin crew members will receive pay increases, with the final amounts to be determined in ongoing discussions with the FAAA and subject to FWC approval.
Additionally, an in-principle agreement has been reached to vary the Long Haul Cabin Crew Enterprise Agreement, which would provide pay increases for around 2,500 international crew, aligning their compensation with that of the short-haul crew.
This agreement also ensures that long-haul cabin crew will have access to the new A350-1000 Ultra Long Range aircraft, including Project Sunrise flights.
Qantas Group Chief People Officer, Catherine Walsh, highlighted the positive engagement with the FAAA and the importance of maintaining a competitive and sustainable business.
She noted that the proposed changes, expected to cost around $60 million in FY25, will commence from Nov 1, pending final approval.
Qantas plans to offset the financial impact through revenue and cost savings to ensure continued reinvestment in new aircraft, benefiting customers, employees, and shareholders alike.
Other applications made by the FAAA and the Transport Workers Union (TWU) regarding cabin crew workforces within Jetstar and National Jet Systems are currently under review by Qantas, with no decisions made at this time.
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