Qatar Airways Group Reports Record Profit

(20 June 2022, 10:30 +07)  Qatar Airways Group reported its strongest ever financial performance in its annual report for 2021/22, 200% above its highest annual historical profit.

The 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% compared to last year and a remarkable 2% higher than the full financial year pre-COVID19 (2019/20).

Passenger revenue increased by 210% on the previous 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% on 2021.

Qatar Airways Boeing 787-8 reg: A7-BCN. Picture by Steven Howard of TravelNewsAsia.com

Qatar Airways Cargo's revenue increased 25% on last year, with the growth in cargo capacity (Available Tonne Kilometres) of 25% annually.

The Group generated strong EBITDA Margin of 34% 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.

Despite the challenges of COVID19, the national carrier of the State 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.

“This year Qatar Airways Group celebrates a quarter of a century of history since its relaunch, whilst maintaining strong performance and growing profitability. Our commitment to providing the greatest choices to our passengers, maintaining the highest levels of safety in the industry and earning trust have made us proudly become the airline of choice for millions of travellers around the world. We have pursued every business opportunity and left no stone unturned as we aimed to meet our targets,” said Akbar Al Baker, Qatar Airways Group Chief Executive. “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. 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.”

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