Qatar Airways Group has announced its biggest full year net profit ever. The airline has announced a 39 per cent increase in annual net profit to a record $1.67 billion which is equivalent to Sh 215.4 billion.
During the year under review, the airline carried more than 40 million passengers and recorded a load factor of 83 per cent. Passenger revenue increased by 19 per cent, with a capacity increase of 21 per cent.
“Our continued focus on profitability, efficiency and customer experience have been underpinned by a strategic programme of network growth and fleet expansion, resulting in the highest revenues and profit margins in the history of the airline”, Qatar Airways chief executive officer Badr Mohammed Al-Meer said.
The full year net profit came as revenue grew by 6 per cent to $22.2 billion (Sh. 2.86 trillion) in the year ended March 31.
Total revenue in the period increased by US$1.3 billion, marking a significant improvement in the airline’s earnings before interest, taxes, depreciation and amortization (EBITDA), which grew by US$0.3 billion.
During the period under review, Qatar Airways’ network grew to more than 170 destinations, adding Al Ula, Neom and Tabuk, in Saudi Arabia; Lyon and Toulouse, France; Medan, Indonesia; and Trabzon, Turkey.
This was in addition to the resumption of operations to 14 destinations, including Bahrain, Bahrain; Birmingham, UK; Beijing, Chengdu and Chongqing, China; Davao, Philippines; Tokyo Haneda and Osaka, Japan; Marrakesh, Morocco; Nice, France; Penang, Malaysia; Phnom Penh, Cambodia, Ras Al Khaimah, UAE; and Yanbu, Saudi Arabia.
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“This latest remarkable annual performance demonstrates the airline’s flexibility and resilience in successfully navigating a constantly evolving global travel industry, and indicates a strong and sustained rebound from the challenges faced by the sector in recent years,” Minister of State for Energy and Group Chairman, His Excellency Engr. Saad Bin Sharida Al-Kaabi, said.
