Qatar Airways on Thursday posted a record net profit of $1.54 billion for the 2021-2022 financial year, a result it attributed to a “successful strategy” during the coronavirus pandemic.
The state-owned airline said the profit result was “200 percent above its highest annual historical profit” and achieved on the back of $14.4 billion in overall income.
Gas-rich Qatar is among several governments that stepped in to support their national carriers through the coronavirus shutdown, which pummelled global travel and the aviation industry.
The flag carrier said at the time that it had received $3 billion in state aid to weather the coronavirus travel downturn and to offset the losses blamed on the cost of grounding aircraft.
“In the most difficult period ever in the global airline industry, the airline credits its positive results to its agility and successful strategy,” the airline said in a statement.
“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,” the airline said.
The Qatari airline said it carried 18.5 million passengers in 2021-2022, an increase of 218 percent over the previous 12-month period.
“Against the backdrop of the pandemic disruption, Qatar Airways Cargo transported more than three million tonnes of air freight and securing eight percent share in the global market,” it said.
“Despite the challenges of Covid-19, the national carrier of the State of Qatar grew to more than 140 destinations” in 2021-2022, the airline added.
The carrier has maintained “strong performance and growing profitability,” Al Baker said.
“Whilst our competitors grounded their aircraft and closed their routes, we adapted our entire commercial operation to respond to ever-evolving travel restrictions and never stopped flying, operating a network our passengers and customers could rely on,” he said.