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September 2022, Virtual
September 29 2022, Virtual
Qatar Airways’ net profits jumped more than 20 per cent last year with an annual revenue increase of 10.4 per cent.
The Gulf carrier was last week hit by a decision from neighbouring countries to block use of their airspace over accusations of terrorist links – something the country denies.
Countries including Saudi Arabia, Bahrain, UAE and Egypt severed diplomatic ties with Qatar, which included closing transport connectivity by road, sea and air. The airline said it “continues to operate to the rest of its network as per its published schedules with day-to-day adjustments for operational and commercial efficiencies, which is standard airline practice”.
The group’s annual financial results reported net profits of $541 million for the year ending March 31.
Qatar Airways group CEO Akbar Al Baker, said: “Our annual results once again reflect the success of our expansion and growth strategy that has seen the Qatar Airways Group grow from a small regional airline into an aviation powerhouse over the last two decades.”
In the past financial year, the airline announced an increased stake in IAG from 15.2 per cent to 20 per cent. A further strategic investment was made by the airline in December 2016, when it acquired 10 per cent of LATAM Airline group’s total shares.
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