Qatar Airways Group celebrates its milestone 25th anniversary year of operation with a record net profit of $1.54 billion during the fiscal year 2021/22.
This profit is not only a record for Qatar Airways Group but also a record among all other airlines that have published financial results for this financial year worldwide.
Overall revenue increased to$ 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.
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 of 25 per cent annually.
The Group generated strong EBITDA margin of 34 per cent at $ 4.9 billion higher than the previous year by 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.
Minister of state for Energy and Qatar Airways Group Chairman, Mr Saad Bin SharidaAl-Kaabi, in a statement released by the airline 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, Mr 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.”
“Our commitment to providing the greatest choices to our passengers, maintaining the highest levels of safety in the industry and earning trust has 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,” he said.