Qatar Airways logs in record profit of $1.54 billion in 25-year history
Qatar Airways has marked a new milestone in its 25th year of operation. It witnessed the strongest financial performance which was 200 per cent above its highest annual historical profit.
In the most difficult period ever in the global airline industry, the airline credits its positive results to its agility and successful strategy which continued to focus on customer needs and evolving market opportunities, as well as efficiency and the commitment of its worldwide employees. This profit is not only a record for Qatar Airways Group, but also a record among all other airlines that have published financial results for this financial year worldwide.
Qatar Airways Group reported a record net profit of QAR 5.6 billion (US$ 1.54 billion) during the fiscal year 2021/22. Overall revenue increased to QAR 52.3 billion (US$ 14.4 billion), up 78 per cent compared to last year and a remarkable two per cent higher than the full financial year pre-COVID (i.e., 2019/20). Passenger revenue increased by 210 per cent over the last year, due to the growth of the Qatar Airways network, increase in market share and higher unit revenue, for the second financial year in a row. Qatar Airways carried 18.5 million passengers, an increase of 218 per cent over last year.
Despite the challenges of COVID-19, the national carrier of Qatar grew to more than 140 destinations in 2021/22, opening new routes including Abidjan, Côte d’Ivoire; Lusaka, Zambia; Harare, Zimbabwe; Almaty, Kazakhstan and Kano and Port Harcourt, Nigeria in addition to resuming flights to key markets across Europe, Africa, the Middle East and Asia.
The company has operated continuously the largest network among all Middle Eastern airlines, as measured by number or destinations as well as weekly flights.
Minister of state for Energy and Qatar Airways Group Chairman Saad Bin Sharida Al-Kaabi said: “Qatar Airways Group has demonstrated a robust role in the aviation industry, and these financial results are a clear indication of the Group’s strong performance. Against challenges during the previous period, I am delighted by the achievements that have been accomplished this year and by the way the Group has swiftly responded to these challenges.”
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