LONDON – On June 16, the Qatar based flag and state carrier, Qatar Airways, has announced its full-year 2021-2022 financial results, which turn out to be their best ever on record. Here’s why…
Their book-breaking results…
For the first time in its 25 years of operations, Qatar Airways has broken its full-year profit margins by a staggering amount to secure a profit of US$ 1.54 billion.
Their profit of US$ 1.54 billion is a whopping 200% above its highest annual historical profit, what a way to celebrate its 25th Anniversary Year.
In terms of the results being broken down for Qatar Airways Group, these are as follows –
- The Group reported a new record net profit of QAR 5.6 billion (US$ 1.54 billion) during 2021-2022.
- The Group reported a revenue increase to QAR 52.3 billion (US$ 14.4 billion), some 78% higher than 2020-2021 and surprisingly 2% higher the pre-COVID year 2019-2020.
- The Group reported that passenger revenue had also increased by 210% due to growth of their network.
- The Group also carried a total of 18.5 million passengers, some 218% higher than 2020-2021 passenger numbers.
- The Group reported a strong EBITDA Margin of 34% at QAR 17.7 billion (US$ 4.9 billion) an increase of QAR 11.8 billion (US$ 3.2 billion) compared to 2020-2021’s financial results.
- The Group’s cargo subsidiary, Qatar Airways Cargo, also saw a revenue growth of 25% as well as a cargo capacity growth ATK (Available Tonne Kilometres) of 25% per year.
Despite many of the worlds airlines being significantly hampered by the effects of the governmental restrictions that were put in place globally due to the COVID-19 pandemic, it’s evident that the Qatar Airways Group hardly suffered the effects.
The carrier puts that into perspective thanks to its agility and successful strategy to continue with focusing on customer needs and evolving market opportunities, as well as increased efficiency and the commitment of its dedicated worldwide employees.
In terms of their new destinations that were added throughout the year, their total count grew to more than 140 different destinations, with some of the newer ones being, Abidjan in Côte d’Ivoire, Lusaka in Zambia, Harare in Zimbabwe, Almaty in Kazakhstan and both Kano and Port Harcourt in Nigeria.
Commenting on the Group’s record-breaking year, Minister of state for Energy and Qatar Airways Group Chairman, His Excellency Mr. Saad Bin Sharida Al-Kaabi has 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.”
Also commenting on the Qatar Airways Group’s huge success last year, their Chief Executive, His Excellency Mr. Akbar Al Baker, says: “This year Qatar Airways Group celebrates a quarter of a century of history since its re-launch, 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 travellers around the world. We have pursued every business opportunity and left no stone unturned as we aimed to meet our targets.”
Adding thoughts about the Group’s achievements, Al Baker continues, saying:
“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.”
Also commenting on the Group’s sustainability goals, Al Baker says:
“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.”