The parent company of Qatar Airways announced Monday that the airline achieved its highest-ever annual profit, earning $2.15 billion in the most recent fiscal year. The record-setting result comes as global air travel continues its strong recovery following the COVID-19 pandemic.
Total revenue for the group reached $23.4 billion, an increase from $22.1 billion in the previous fiscal year. In that prior period, profits stood at $1.6 billion.
“These record-breaking results are a testament to the hard work, skill, and dedication of teams across all of Qatar Airways Group,” said CEO Badr Mohammed al-Meer in a statement.
Qatar Airways, alongside major Gulf competitors like Dubai-based Emirates and Abu Dhabi’s Etihad, plays a vital role in connecting passengers across continents. With its strategic hub in the Arabian Peninsula, the airline bridges travel between Europe and Asia. The carrier also benefitted from increased visibility and demand when Qatar hosted the FIFA World Cup in 2022.
Passenger numbers climbed to 43.1 million, up from 40 million the year before. The airline’s current fleet includes more than 230 aircraft, comprising both Airbus and Boeing models designed for long-haul and medium-range flights.
Qatar Airways Group encompasses the airline itself, its air cargo division, the national airport operator, and Qatar Duty Free. The company’s fiscal year runs from April 1 to March 31.
This announcement follows similar news from fellow Gulf carrier Emirates, which earlier this month reported a massive $5.2 billion profit and declared itself the most profitable airline in the world.
