Qatar Airways made a record profit during the financial year that just ended; a profit that’s bigger than any other airline’s profit made during the same time period.
One of the many industries that was hit hard by the COVID-19 pandemic was aviation. Strict lockdowns made going anywhere other than your own home and the supermarket impossible, so naturally flights became severely reduced and many people in the aviation sector lost their jobs.
Two years since the start of COVID, the aviation industry is slowly returning to normal – aside from exorbitant ‘business class prices’ for economy tickets and ridiculous social distancing measures, of course.
The biggest indicator that the aviation industry is coming back stronger than a 90s trend is Qatar Airways reporting a record profit of US$1.54 billion for the 2021-2022 financial year. According to One Mile At A Time, this figure is a record for the airline and is actually 200% above Qatar’s highest annual historical profit.
Over the year, from April 1st 2021 through to March 31st 2022, Qatar’s overall revenue increased to US$14.4 billion. This figure is up 78% when compared to Qatar’s overall revenue for the 2020-2021 financial year; the airline actually reported a net loss of US$4.1 billion in that previous financial year.
Akbar Al Baker, CEO of Qatar Airways, credits the airline’s commitment to safety and passengers’ comfort for the huge profit.
“This year Qatar Airways Group celebrates a quarter of a century of history since its relaunch, whilst maintaining strong performance and growing profitability.”Akbar Al Baker, CEO of Qatar Airways
“Our commitment to providing the greatest choices to our passengers, maintaining the highest levels of safety in the industry and earning trust has 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.”Akbar Al Baker, CEO of Qatar Airways
Not only did Qatar make a record profit for the 2021-2022 financial year but so far, the US$1.54 billion is the highest profit of any airline worldwide that’s published their past financial year results.