Bumper Harvest: Qatar Airways Announces Record Profit in History
Qatar Airways Group celebrates its milestone 25th Anniversary year of operation with its strongest financial performance reflected in its published annual report for 2021/22, 200% above its highest annual historical profit.
In the most difficult period ever in the global airline industry, the airline credits its positive results to its agility and successful strategy which continued to focus on customer needs and evolving market opportunities, as well as efficiency and the commitment of its worldwide employees.
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.
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 a remarkable 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 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 (Available Tonne Kilometres) of 25 per cent annually.
The Group generated strong 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) 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 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.
Throughout this year, the Qatar Airways Group maintained a highly-successful and wealthy portfolio of regional and global partnerships to champion the brand across the world including global sporting clubs – Al Sadd SC, Boca Juniors, Brooklyn Nets, FC Bayern München, and Paris Saint-Germain, the partnership with the South American Football Confederation (CONMEBOL) and FIFA.
The group also continued to showcase its unwavering commitment to giving back and supporting communities and charitable initiatives throughout 2021/22.
Alongside this, Qatar Airways Group is constantly setting new milestones on environmental sustainability for the aviation industry, and recently released its Sustainability Report 2021 to highlight key initiatives and the Group’s commitment towards the environment and sustainability.
Against the backdrop of the pandemic disruption, Qatar Airways Cargo transported more than 3 million tonnes of air freight and securing 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 and also concentrated its efforts in enhancing its renowned Pharma product and industry presence, while also ensuring commitment to its ground-breaking WeQare initiative, which consists of a series of positive and impactful actions in the form of chapters based on the core pillars of sustainability - environment, society, economy and culture.
As the world continues its recovery from the devastating impact of COVID-19, Qatar Airways remains committed to keeping passengers and cargo moving across the globe, maintaining and building on the exceptional standards of our first 25 years of operation, that has earnt us the accolade of being the Best Airline in the World.
A multiple award-winning airline, Qatar Airways currently flies to more than 150 destinations worldwide, connecting through its hub at the Hamad International Airport, Doha.