QR reveals unlikely profit

QATAR Airways has posted a record profit for the 2021/22 period, more than doubling its previous biggest profit despite the turbulence of the pandemic.

The airline, which has been firm in its commitment to keeping Australia connected during the peak of the travel shutdown, reported a net profit of just over A$2 billion for the fiscal year 2021/22, while overall revenue also increased by 78% to around A$20.5 billion.

Passenger revenue alone rose by 210% when compared to the same period last year, with QR attributing the significant gains to the growth of its network, increases in market share and higher unit revenue, all of which have improved for the second financial year in a row.

Close to 19 million passengers were carried during the period, an increase of 218% on the previous year, while its EBITDA result was also strong, eclipsing last year by A$4.55 billion.

The carrier grew to 40 destinations in 2021/22, including a number of new routes to Africa, as well as the resumption of key services to Europe and Asia.

“We have pursued every business opportunity and left no stone unturned as we aimed to meet our targets,” QR’s CEO Akbar Al Baker said.