Qatar Airways announced that it achieved a remarkable profit of USD 1.2 billion during the previous fiscal year, partially attributed to Qatar hosting the 2022 FIFA World Cup.
Qatar Airways, similar to other airlines in Gulf Arab nations, benefits from its strategic location, enabling it to transport passengers between the East and West. Its revenue for the year reached USD 20.9 billion, a significant increase from USD 14.4 billion in the previous year.
These figures demonstrate a stark contrast to the USD 4.1 billion loss suffered in the 2021 fiscal year due to the COVID-19 pandemic and the subsequent grounding of its fleet. Although Qatar Airways’ profit of USD 1.2 billion represents a slight decline from the previous fiscal year’s USD 1.5 billion, this can be attributed to a surge in operating expenses, particularly in jet fuel, as energy prices rose after the pandemic subsided and air travel resumed. During the pandemic, Qatar Airways received a USD 3 billion government injection to ensure its survival.
“As the global travel industry continued its recovery from the COVID-19 pandemic, we solidified our position as the preferred airline for millions of passengers worldwide,” stated Qatar Airways CEO Akbar Al Baker.
The World Cup also played a significant role in Qatar Airways’ success, as FIFA reported a attendance of approximately 3.4 million spectators in stadiums during the tournament. Many of these visitors utilized Qatar Airways’ extensive global network for their travel arrangements.
Al Baker added, “Our country’s long-cherished dream of hosting the FIFA World Cup finally became a reality, and Qatar took center stage as the host of the world’s most prestigious sporting event. After more than a decade of preparation and hard work, we welcomed fans from all corners of the globe.”
Additionally, in February, Qatar Airways successfully resolved a lengthy and contentious legal dispute with Airbus regarding the Airbus A350. The airline had raised concerns about fuselage degradation in these long-range aircraft. As a result, Airbus canceled a multibillion-dollar order for 50 of its popular single-aisle A321neo jets from Qatar Airways.
In the annual report, Al Baker expressed his satisfaction with the “amicable agreement” reached with Airbus and the successful delivery of airplanes from the manufacturer. He emphasized that these deliveries would support the airline’s expansion plans by providing the necessary fleet capacity.
Qatar Airways currently operates a fleet of 265 aircraft, serving nearly 160 destinations worldwide.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
