Qatar Airways, the national flag carrier of the state of Qatar, which is renowned for its convenience, luxury, and elegance on board, announced that its fiscal year’s profits exceeded $1.5 billion, representing its highest-ever earnings.
As it gets ready to handle a record-breaking influx of tourists for the upcoming FIFA World Cup football matches, Qatar Airways, one of the biggest airlines in the Middle East known for its safety and higher standards, marks the highest ever revenue collected by the state-owned carrier. Qatar Airways operates out of the capital city of Doha, on the eastern coast of the Arabian Peninsula. The Middle East will host the FIFA World Cup 2022 for the first time this year.
According to the airline, revenue increased by 78% from the previous year to $14.4 billion. During the fiscal year 2021–2022, it handled 18.5 million passengers, an increase of more than 200 percent from the prior year. It represents a significant turnabout for the airline, which in the previous fiscal cycle had a stunning net loss of $4.1 billion due to the coronavirus epidemic and the suspension of its Airbus A380 and A330 wide-body aircraft.
The airline’s financial performance also reflects that travel has resumed due to successful vaccination efforts in numerous countries. The Qatari government provided Qatar Airways with a $3 billion bailout during the pandemic’s most difficult months, which helped keep its activities afloat as it struggled with the virus’s impact on long-haul travel prohibitions.
During the coronavirus pandemic, the Dubai government made a few million-dollar payments to its main rival, Dubai’s national flag carrier Emirates Airlines. The two airlines play a crucial role in the economies of their respective nations, which mainly rely on travelers and transit users.
Nevertheless, the airline claims that this year’s record profits are the consequence of choices made during the epidemic to develop Qatar Airways’ passenger and freight networks, including a more precise prediction of the global market recovery and strict cost management.
The 25-year-old carrier travels to far more than 140 locations, including Hartsfield Foreign Airport in Atlanta, where it contends with Delta Airways for international passengers at the busiest airport in the world.
Qatar Airways also has affiliations with FC Bayern München and Paris Saint-Germain, the European football clubs. The name of Qatar Airways is already well-known to football supporters in Europe. It has a marketing collaboration with the Brooklyn Nets in the US.