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Business News of Friday, 17 June 2022

Source: www.thisdaylive.com

Qatar announces record profit of $ 1.54bn for 2021-2022

Qatar Airways Qatar Airways

Qatar Airways Group said it is celebrating its milestone 25th Anniversary year of operation with its strongest financial performance reflected in its published annual report for 2021/22, 200 per cent above its highest annual historical profit.

The airline said that in the most difficult period ever in the global airline industry.

Qatar Airways Group reported a record net profit of QAR 5.6 billion ($ 1.54 billion) during the fiscal year 2021/22. Overall revenue increased to QAR 52.3 billion ($ 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).

The Middle East carrier stated that 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 a 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 ($ 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.

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.”