Qatar Airways posts huge jump in profit
Qatar Airways Group CEO Akbar Al-Baker said in a statement it was the 19-year-old airline's best fiscal year to date.
Qatar Airways Group announced a 3 billion QAR operating profit for fiscal year 2016 - nearly three times greater than fiscal 2015 profit of 1.1 billion QAR, resulting in an 8.6 per cent operating profit margin, an improvement of nearly six percentage points from the prior year, from 35.6 billion QAR in revenues.
The company reported a net profit of 1.6 billion QAR, resulting in a net profit margin of 4.5 per cent. Net profit for fiscal 2015 was 1.1 per cent, at 374 million QAR.
Qatar Airways growth rate (CAGR) in ASK term since the relaunch in 1997 to 31st March 2016 is 28%.
For the year ending March 31, 2016, Qatar Airways Group reduced its expenses 1.5 per cent and increased its cash and bank balance from 5.5 billion QAR to 12 billion QAR, despite the significant growth in operations and an adverse movement in foreign currency exchange.
Over the course of fiscal 2016, Qatar Airways added 13 new destinations and increased its overall network to more than 150 destinations on six continents.
The airline was also the global launch customer of the Airbus A350XWB, the most technologically advanced aircraft in the world, and was the first commercial airline to fly it to the United States. Three continents are now served with the A350: North America, Europe and Asia. ■