Qatar Airways posts record profit of $1.54 billion

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June 17, 2022
Qatar airways

The Qatar Airways Group has celebrated its 25th year with its strongest financial performance yet with a net profit of $1.54 billion for the 2021/22 year on the back of a strategy which focused on customer needs and evolving market opportunities.

The airline was one of a handful that continued to operate through the pandemic and became the world’s largest international airline repatriating millions of passengers and carrying record amounts of critical cargo.

Qatar Airways 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 per cent compared to last year and two per cent higher than the full financial year pre-COVID (i.e., 2019/20).

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 leader as its revenue experienced growth of 25 per cent over last year with the growth in cargo capacity (Available Tonne Kilometres) of 25 per cent annually.

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The Group generated an EBITDA margin of 34 per cent 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). The record earnings are the result of decisions made during the pandemic to expand the airline’s passenger and cargo networks.

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 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. The company has operated continuously the largest network among all Middle Eastern airlines, as measured by the number of destinations as well as weekly flights.

Minister of state for Energy and Qatar Airways Group Chairman, His Excellency Mr. Saad Bin Sharida Al-Kaabi, 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, His Excellency 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.”

“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 have helped us overcome the significant challenges related to capacity constraints while balancing commercial needs as swiftly as possible.”

Against the backdrop of the pandemic disruption, Qatar Airways Cargo transported more than 3 million tonnes of air freight and secured an eight per cent share in the global market. Cargo also transported more than 600 million doses of COVID-19 vaccines over the course of the pandemic to date.