As Pandemic Subsides, Qatar Airways Turns Record Profit in 2022
Joe Cortez June 16, 2022
The Middle East carrier reports a total Fiscal Year 2021-2022 net profit of $1.54 billion, an increase of 78% compared to the previous fiscal year and up two percent from pre-pandemic figures.
Post-Pandemic Boom Results in Major Growth for Qatar Airways
Known for its dedication to the customer experience and top-tier premium cabin experiences, Qatar Airways remains among the top brands for international travel. According to the company, the past fiscal year provided strong growth, as the airline now serves 140 destinations around the world. Africa is currently their biggest market opportunity, as they added flights to Côte d’Ivoire, Nigeria, Zambia and Zimbabwe in the past year.
As a result, carrier chief executive Akbar Al-Baker now says the airline now holds the title of “world’s largest global long-haul carrier in 2021 by revenue-passenger kilometers,” along with continued honors from Skytrax, Air Transport World magazine and Air Cargo Week. Leadership credit’s the airline’s dedication to cost controls and environmental sustainability as part of their success.
“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,” Al-Baker said in a press release. “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.”
By the numbers, Qatar Airways carried over 18.5 million passengers during the fiscal year, representing a 218% increase compared to the previous year. Flyer revenue increased by 210%, which the airline says is due to their expanded network and higher unit revenue. On the cargo side, the carrier grew revenue by 25% by increasing available ton kilometers by 25% annually.
Strong Financial Numbers Could be Preview to Better Year Ahead
The airline could look to do even more business in the coming year, as the state prepares to host a number of high-profile events in the coming year. In 2022 alone, the peninsula nation will play host to the International Air Transport Association Annual General Meeting, the World Financial Symposium, and the 2022 FIFA World Cup.
