Qatar Airways Posts Record Annual Net Profit

Qatar Airways posted a 39% increase in annual net profit, reaching a record 6.1 billion Qatari riyals ($1.67 billion) for the fiscal year ending March 31.

The airline reported a 6% growth in revenue, bringing the total to 81 billion riyals.

Passenger and Load Factor Statistics:

Qatar Airways carried over 40 million passengers during the fiscal year and achieved a load factor of 83%.

CEO Badr Mohammed Al-Meer emphasized the airline’s strategic focus: “Our continued focus on profitability, efficiency, and customer experience have been underpinned by a strategic program of network growth and fleet expansion, resulting in the highest revenues and profit margins in the history of the airline.”

Rebound in Air Travel Demand:

Demand for air travel has rebounded since the pandemic. However, airlines face constraints as plane makers like Airbus and Boeing struggle to resume previous production levels due to disrupted supply chains and Boeing’s safety crisis.

According to a report last week, al-Meer urged aircraft manufacturers to pressure their suppliers to minimize delivery delays in May.

Negotiations for Major Wide-Body Order:

Last month, Qatar Airways and Boeing regarding a significant wide-body aircraft order.

The airline is also in discussions to acquire up to a 20% stake in Bain Capital-owned Virgin Australia, according to a recent report.