DUBAI: Qatar Airways on Thursday announced that its profit over the past fiscal year has topped $1.5 billion, the highest ever earnings for the carrier that is state-owned. The airline is also set to see a record rise as passengers are to travel to the country for the FIFA World Cup football games. This is the first time that a Middle East country will host the World Cup.
Known for luxury and comfort provided to passengers, Qatar Airways is one of the Mideast's largest carriers. The airline operates from Doha, out of a newly constructed airport on the eastern coastline of the Arabian Peninsula.
The airline said that compared to the previous year, it had reached $ 14.4 billion, a 78% increase. In fiscal year 2021-22, it carried 18.5 million passengers, an increase of 200% over the previous year.
This is a momentous turnabout for the airline, which suffered a huge net loss of $ 4.1 billion in the previous financial cycle due to the Covid 19 pandemic and the grounding of Airbus A380 and A330 wide-body jets.
The increase in the airline's profit is also due to the fact that several countries have been successful in vaccinating the majority of their population, easing travel bans that were put in place because of the Covid 19 pandemic.
During the most difficult months of the Pandemic, Qatar Airways received the Qatari government's $ 3 billion lifeline, which helped it maintain its operations while battling long-distance travel restrictions caused by the virus.
Its main rival, Dubai's Emirates Airlines, also received billions of dollars in payments from the Dubai government during the pandemic. Both airlines serve as a major financial base for their respective countries, which rely heavily on tourists and transit travelers.
The airline said that the year's "record earnings are the result of decisions made during the pandemic to expand the Qatar Airways' passenger and cargo networks", that includes a more accurate forecast of the global market recovery and strong cost control, according to the Associated Press.
The airline shifts passengers to more than 140 destinations, which includes Atlanta's Hartsfield, where its major competitor is Delta for international passenger traffic at the busiest airport in the world.
Europe's football fans are already familiar with this airline as it has partnership with FC Bayern München and Paris Saint-Germain. The airline also has a brand partnership with the Brooklyn Nets in the United States.