Qatar Airways Hits Highest Net Profit in Global Airline Industry 21/22
During fiscal 2021/22, Qatar Airways Group claimed a "record" net profit of QR5.6 billion, the highest in the company's 25-year history.
The national airline said on Thursday that overall revenue grew to QR52.3 billion, up 78 percent from the previous year and a stunning 2% greater than the complete financial year prior to Covid (i.e., 2019/20).
For the second year in a row, passenger revenue climbed by 210 percent due to the expansion of Qatar Airways' network, a gain in market share, and higher unit revenue.
Qatar Airways carried 18.5 million passengers, up 218 percent over the previous year.
Qatar Airways Cargo remained the world's leading cargo carrier, with revenue up 25% year on year and cargo capacity (Available Tonne Kilometres) up 25% year on year.
At QR17.7 billion, the Group had a solid EBITDA margin of 34 percent. Due to "streamlined, agile, and fit-for-purpose" operations across all business areas, EBITDA was QR11.8 billion more than the previous year.
These record earnings are the consequence of decisions made during the pandemic to expand Qatar Airways' passenger and cargo networks, with a more realistic prognosis of the global market recovery, and to establish greater customer and trade loyalty, as well as product quality and cost management.
Despite the challenges of Covid-19, the national carrier expanded to over 140 destinations in 2021/22, including new routes to Abidjan, Côte d'Ivoire; Lusaka, Zambia; Harare, Zimbabwe; Almaty, Kazakhstan; and Kano and Port Harcourt, Nigeria, as well as resuming flights to key markets across Europe, Africa, the Middle East, and Asia.
In terms of the number of destinations and weekly flights, the firm has consistently run the greatest network among all Middle Eastern airlines.
HE "Qatar Airways Group has proved a robust role in the aviation industry, and these financial results are a clear reflection of the Group's excellent performance," said Saad bin Sherida al-Kaabi, Minister of State for Energy Affairs, and Chairman of Qatar Airways Group. In view of the obstacles that the Group has faced in the past, I am pleased with the accomplishments made this year and the Group's quick response to these challenges."
"This year, Qatar Airways Group commemorates a quarter-century of history since its relaunch, while maintaining great performance and expanding profitability," said Qatar Airways Group Chief Executive HE Akbar al-Baker. We are delighted to have become the airline of choice for millions of travelers around the world because of our commitment to giving the most options to our passengers, maintaining the highest levels of safety in the business, and winning confidence. In order to fulfill our goals, we sought every business possibility and left no stone unturned.
By RPKs in 2021, we had greatly grown to become the world's largest global long-haul carrier. We also got the industry's most prestigious award, 'Airline of the Year,' for a record-breaking sixth time at the Skytrax World Airline Awards, as well as recognition for the airline's hub, Hamad International Airport, as the 'Best Airport in the World,' for the year 2021.
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