A plane departs San Francisco International Airport in San Francisco Dec. 22, 2020, and is ready for takeoff. Qatar Airways said on its website on Thursday, July 27, 2023, it earned a profit of $1.2 billion in the last fiscal year, boosted in part by the small country on the Arabian Peninsula hosting the 2022 FIFA World Cup. Qatar Airways said last fiscal year it earned $1.2 billion in profit, boosted in part by the small Arabian Peninsula country's hosting of the 2022 FIFA World Cup.
As other Gulf Arab carriers rely on the country's location to ferry passengers between the East and West, Qatar Airways relies heavily on the country's presence to ferry passengers between the East and West. The company earned $20.9 billion in revenue during the year, up from $14.4 billion the year before.
The impact of the COVID-19 pandemic and the grounding of its fleet on the company's finances is reflected in those figures, which stand in contrast to the $4.1 billion losses it suffered in the 2021 fiscal year.
The net profit of Qatar Airways is down slightly from $1.5 billion last fiscal year. By reducing operating expenses, especially in jet fuels, the effects of the pandemic have been felt, reducing fuel costs and easing air travel back to a normal level. The government provided a $3 billion infusion during the pandemic to keep Qatar Airways afloat.
As the global travel industry continued its recovery from the COVID-19 pandemic, we consolidated our position as the airline of choice for millions of passengers across the globe, Mr. Al Baker, the head of Qatar Airways, said in a statement.
Qatar Airways had a significant impact on the success of the World Cup, with FIFA saying that some 3.4 million spectators were on hand inside stadiums for the tournament. The global network of Qatar Airways made it easy for many passengers to travel there.
Our country's long-held dream of hosting the FIFA World Cup finally became a reality and Qatar took center stage for hosting the world s most prestigious sporting event, Al Baker said. We brought fans from all over the globe after more than a decade of preparations and hard work. The Airbus A 350 was also resolved in February, a long-running acrimonious legal dispute over the Airbus A 350, which the airline accused of having fuselages degrading at an accelerated rate in the long-range aircraft.
The European plane-maker Airbus then abandoned a multi-billion-dollar order from Qatar Airways for 50 of its less-than-demand A 321 neo jets.
Al Baker praised the amicable agreement with Airbus and the delivery of airplanes from the manufacturer, which will enable the airline to address the additional fleet capacity needed to maintain our growth plans. To more than 160 destinations around the globe, Qatar Airways operates a fleet of 265 aircraft.