Qatar Airways Group has reported a record net profit of QAR 5.6 billion (€1.45 billion) for the 2021-22 fiscal year, the airline announced on Thursday. Overall revenue increased to QAR 52.3 billion (€13.6 billion), up 78 per cent compared to the previous financial year and two per cent higher than pre-pandemic profits (2019-20 fiscal year).
The airline reportedly carried 18.5 million passengers, an increase of 218 per cent over the previous year, and reported passenger revenue increases of 210 per cent year-over-year. Revenue from Qatar Airways Cargo also grew by 25 per cent.
According to Qatar Airways Group, its 2021-22 profit is not only a record for the carrier, which has been in operation for 25 years, but for all other airlines that have published financial results for the 2021-22 fiscal year.
The Group attributed its record earnings to ‘streamlined, agile and fit-for-purpose operations’ during the pandemic and investments in a modern, fuel-efficient fleet.
Several travel managers BTN Europe spoke with during the pandemic praised the airline for retaining much of its network where other airlines were quick to cut services.
As well as resuming flights to key markets across Europe, Africa, the Middle East and Asia, the Qatar national carrier also expanded its passenger and cargo networks during the last 12 months, including establishing new routes to Abidjan, Côte d’Ivoire; Lusaka, Zambia; Harare, Zimbabwe; Almaty, Kazakhstan and Kano and Port Harcourt in Nigeria.
Qatar Airways Group chief executive, Akbar Al Baker, said: “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… Our strategic investments in a varied fleet of modern, fuel-efficient aircraft has helped us overcome the significant challenges related to capacity constraints while balancing commercial needs as swiftly as possible.”