Jobaaj Stories
On the occasion of its 25th anniversary, the Qatar Airways group celebrated by publishing its highest-ever profit for 2021-22.
Qatar Airways is a state-owned airline that was launched in 1997. It is one of the youngest airlines to serve all six continents, serving over 150 destinations. Today, the company operates the largest network among all Middle Eastern airlines, as measured by the number of destinations as well as weekly flights.
India's negotiations sealed the deal at WTO's 12th ministerial conference, read more.
The company's revenues jumped 78% YoY to QAR 52.3 billion, and most notably, 2% higher than pre-Covid revenue in 2019-20. The company posted a strong EBITDA margin of 34% as profit for the year came in at QAR 5.6 billion which was 200% higher than any historical annual profit earned by the company.
The airlines carried 18.5 million passengers during the year as passenger revenue jumped 210% YoY on account of the expanded network. Cargo maintained its position as a global leading player as revenue from cargo grew 25%. The company added several new routes while resuming flights to and from Europe, Africa, the Middle East, and Asia which assisted in revenue growth.
“Qatar Airways Group has demonstrated a robust role in the aviation industry, and these financial results are a clear indication of the Group's strong performance. Against challenges during the previous period, I am delighted by the achievements that have been accomplished this year and by the way the Group has swiftly responded to these challenges,” said Minister of State for Energy and Qatar Airways Group Chairman Mr. Saad Bin Sharida Al-Kaabi.
Qatar Airways is an unlisted company, but it does have plans to go public. The company had first planned its IPO in 2010 but had to scrap them on account of the global financial crisis persisting at the time. It revived the ambition in 2017, but the covid-19 pandemic rendered its plans moot once again.
Chief Executive Akbar Al Baker stated previously that Qatar Airways would launch its IPO only after 3 consecutively profitable years. During the financial years 2018-2021, the company suffered continuous losses as 2022 assisted the company in turning profitable once again. So, going by his words, Qatar Airways IPO cannot be expected for (at least) the next three years.
Article by Aman Agarwal.
This news piece is brought to you in association with jobaaj.com
