Qatar Airways Group reports highest net profit in 25-year history

Qatar Airways Group reported a record net profit of QAR5.6bn ($1.54bn) during the fiscal year 2021/22, 200 per cent above its highest annual historical profit.

Its overall revenue increased to QAR52.3bn ($14.4bn), up 78 per cent compared to last year and two per cent higher than FY 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.

Qatar Airways Group announces a record profit in its 25 year history of US$ 1.54 billion for the FY 2021-2022https://t.co/xgAvL0uvIx#QatarAirways pic.twitter.com/8rck0GoN6v

— Qatar Airways (@qatarairways) June 16, 2022

Qatar Airways carried 18.5 million passengers, an increase of 218 per cent over last year. Qatar Airways Cargo recorded revenue growth of 25 per cent over last year with growth in cargo capacity of 25 per cent annually. The group generated strong EBITDA margin of 34 per cent at QAR17.7bn ($4.9bn).

EBITDA was higher than the previous year by QAR11.8bn ($3.2bn) due to streamlined, agile and fit-for-purpose operations across all business areas.

The national carrier 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.

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.”

Qatar Airways group chief executive, 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 profitability.

“In 2021, we grew significantly to become the world’s largest global long-haul carrier in 2021 by RPKs. I am extremely proud of the decisions we have made to embrace efficiency and achieve strong cost control across several operational departments whilst engaging in environmental and sustainable initiatives. This has positioned us at the forefront in the field of sustainability, including environmental protection and social commitment.”

Against the backdrop of the pandemic disruption, Qatar Airways Cargo transported more than three million tonnes of air freight and secured 8 per cent share in the global market. Cargo also transported more than 600 million doses of Covid-19 vaccines over the course of the pandemic to date and also concentrated its efforts in enhancing its renowned pharma product and industry presence.

Last month, Qatar Airways announced an increase in flights between Abu Dhabi and Doha with the airline aiming to operate triple daily flights, starting July 10.

Read: Qatar Airways to operate triple daily flights to Abu Dhabi from July