Qatar Airways on Thursday posted a record net profit of Ksh.180.8 billion for the 2021-2022 financial year. The air carrier attributes the good showing 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 U.S. dollars in overall income.
It said that the revenue figure was “a remarkable two percent higher than the full financial year pre-COVID-19” in 2019-2020.
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.
Qatar Airways, the Middle East’s second-biggest airline after Emirates, had reported in September last year an overall loss of 4.1 billion U.S. dollars in the 2020-2021 financial year.
The flag carrier said at the time that it had received 3 billion U.S. dollars in state aid to weather the coronavirus travel downturn and to offset the losses blamed on the cost of grounding aircraft.
Its chief executive, Akbar Al Baker, praised the “strength, resilience, and commitment” of Qatar Airways Group in the past year.
“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.
Qatar Airways said it “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,” the airline said.