* Group reports ‘record’ net profit of QR5.6bn during fiscal 2021/22, highest in its 25-year history
Qatar Airways Group reported a “record” net profit of QR5.6bn during fiscal 2021/22, the highest ever in its 25-year history.
Overall revenue increased to QR52.3bn, up 78% compared to last year and a remarkable 2% higher than the full financial year pre-Covid (i.e., 2019/20), the national airline announced on Thursday.
Passenger revenue increased by 210% 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 18.5mn passengers, an increase of 218% over last year.
Qatar Airways Cargo remained the leading player in the world as its revenue experienced an impressive growth of 25% over last year with the growth in cargo capacity (Available Tonne Kilometres) of 25% annually.
The Group generated strong EBITDA margin of 34% at QR17.7bn. EBITDA was higher than the previous year by QR11.8bn 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 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 number or destinations as well as weekly flights.
HE the Minister of State for Energy Affairs and Qatar Airways Group Chairman Saad…