Shares of Qantas (ASX:QAN) have increased significantly by 3.2% to A$6.370, putting them on the path towards their best performance day since June 28, assuming the gains are maintained.

The national Australian airline revealed a record annual profit of A$2.47 billion, equivalent to $1.60 billion, credited to a robust travel demand.

This robust profit stands in stark contrast to the A$1.85 billion loss recorded during the comparable period in the preceding year.

Qantas (ASX:QAN) has also approved another share buyback program for the first half of 2024, with a ceiling of A$500 million.

The shares have reached their highest value since August 16, and despite a fluctuating market, the stock has risen approximately 2.7% this year until the last close.

According to analysts at Citi, the result is largely in line with expectations, and projected moderating fares and increasing capacity seem to be within projected limits.

Qantas (ASX:QAN) is Australia’s leading airline company, operating in both domestic and international markets.