Gulf Update Qatar Airways announces record profit of US$ 1.54bn TOU

Gulf Update Qatar Airways announces record profit of US$ 1.54bn
 TOU

Gulf Update Qatar Airways announces record profit of US$ 1.54bn

Qatar Airways Group celebrated its milestone 25th Anniversary year of operation with its strongest financial performance reflected in its published annual report for 2021/22, 200 percent 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 the 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 (ie, 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.

Qatar Airways Cargo remained the leading player in the world as its revenue experienced an impressive growth of 25 per cent over last year with the growth in cargo capacity (Available Tonne Kilometres) of 25 per cent annually.

The Group generated strong EBITDA Margin of 34 per cent at QAR 17.7 billion (US$ 4.9 billion). EBITDA was higher than the previous year by QAR 11.8 billion (US$ 3.2 billion) due to streamlined, agile and fit-for-purpose operations across all business areas. These record earnings are the result of decisions made during the pandemic to expand the Qatar Airways’ passenger and cargo networks, with a more accurate forecast of the global market recovery, building further customer and trade loyalty and product excellence combined with strong cost control.

Despite the challenges of Covid-19, the national carrier of the State of Qatar grew to more than 140 destinations in 2021/22, opening new routes including Abidjan, Cte 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, HE 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.”
Qatar Airways Group Chief Executive, HE Akbar Al Baker, said: “This year Qatar Airways Group celebrates a quarter of a century of history since its relaunch, whilst maintaining strong performance and growing

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