Major Celebration for Qatar Airways as the Airline Celebrates A Record Profit USD 1.54 Billion!
Saturday 18th of June 2022
In its published annual report for 2021/22, Qatar Airways Group celebrates its 25th anniversary year of operation with its strongest financial performance, which is 200 percent higher than its highest annual historical profit. The airline attributes 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, during the most difficult period in the global airline industry.
This profit is not only a record for Qatar Airways Group, but also for all other airlines that have released financial results for the current fiscal year around the world.
During the fiscal year 2021/22, Qatar Airways Group reported a record net profit of QAR 5.6 billion (US$ 1.54 billion). Overall revenue increased by 78 percent year on year to QAR 52.3 billion (US$ 14.4 billion), a remarkable two percent higher than the full financial year prior to COVID (i.e., 2019/20). For the second year in a row, passenger revenue increased by 210 percent due to the expansion of Qatar Airways' network, an increase in market share, and higher unit revenue. Qatar Airways carried 18.5 million passengers, up 218 percent from the previous year.
“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 have made us proudly become the airline of choice for millions of travelers around the world. We have pursued every business opportunity and left no stone unturned as we aimed to meet our targets.” Expressing his gratitude and sharing his enthusiasm over the major celebration is the Qatar Airways Group Chief Executive, Mr. Akbar Al Baker.
“In 2021, we grew significantly to become the world’s largest global long-haul carrier in 2021 by RPKs. We also received the industry’s most prestigious accolade ‘Airline of the Year’ for a record-breaking sixth time in the Skytrax World Airline Awards in addition to recognition for the airline’s hub, Hamad International Airport as ‘Best Airport in the World’ 2021. The Qatar Airways Cargo division also earned three major industry awards including Cargo Operator of the Year at the ATW Airline Awards; Cargo Airline of the Year, and Air Cargo Industry Achievement Award at Air Cargo Week’s World Air Cargo Awards. These achievements not only highlight our exceptional brand reputation but also our outstanding hard work across the Qatar Airways Group family.” He continued.
“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 has helped us overcome the significant challenges related to capacity constraints while balancing commercial needs as swiftly as possible.” Concluding his statement, shared Mr. Akbar.
Qatar Airways Cargo remained the world's leading cargo carrier, with revenue up 25% year on year and cargo capacity (Available Tonne Kilometers) up 25% year on year.
At QAR 17.7 billion (US$ 4.9 billion), the Group had a strong EBITDA margin of 34%. Due to streamlined, agile, and fit-for-purpose operations across all business areas, EBITDA increased by QAR 11.8 billion (US$ 3.2 billion) over the previous year. These record earnings are the result of decisions made during the pandemic to expand Qatar Airways' passenger and cargo networks, with a more accurate forecast of the global market recovery, and to build further customer and trade loyalty, as well as product excellence and cost control.
Despite the challenges of COVID-19, Qatar Airways expanded to more than 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 in Europe, Africa, the Middle East, and Asia. In terms of number of destinations and weekly flights, the company has consistently operated the largest network among all Middle Eastern airlines.
“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.” Expressing his joy is the Minister of state for Energy and Qatar Airways Group Chairman, Mr. Saad Bin Sharida Al-Kaabi.