Qatar Airways reports earning a $2.15 billion profit in its last fiscal year, a record for carrier

Key Points

• Qatar Airways reported a $2.15 billion profit for its fiscal year to March 31, marking its highest-ever annual profit amid the post-pandemic recovery.
• Group revenues rose to $23.4 billion from $22.1 billion a year earlier, with prior profits at $1.6 billion.
• The airline carried a record 43.1 million passengers, up from 40 million, boosted by routes linking Europe and Asia and the 2022 FIFA World Cup in Qatar.
• These results follow Emirates’ announcement of $5.2 billion in annual profits, underscoring strong returns for Gulf carriers.

DUBAI, United Arab Emirates (AP) — The holding company that owns Qatar Airways reported Monday it earned a $2.15 billion profit in its last fiscal year, its highest-ever profit off the back of record passenger numbers as global aviation bounces back after the coronavirus pandemic.

The state-owned carrier reported revenues of $23.4 billion overall in the results, up from $22.1 billion the year before. Its fiscal year profits in the prior reporting period were $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 group CEO Badr Mohammed al-Meer in a statement.

Qatar Airways, along with Abu Dhabi-based Emirates and Dubai's Emirates, are long-haul carriers that link East-West travel. Their location on the Arabian Peninsula between Europe and Asia have made them a key link in global transit. Qatar Airways also got a boost when the small, energy-rich nation hosted soccer's 2022 FIFA World Cup.

Qatar Airways reported carrying 43.1 million passengers, up from the prior financial year's 40 million. Its fleet includes over 230 aircraft, which is a mix of Airbus and Boeing long-haul and medium-range planes.

The Qatar Airways Group includes the airline, its cargo service, the country's airport operator and Qatar Duty Free. Its financial year runs from April 1 to March 31.

The announcement follows long-haul carrier Emirates earlier this month saying that it earned annual profits of $5.2 billion, with the state-owned firm declaring itself the world’s most profitable airline.