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Qatar Airways posts $1.5 billion profit

DUBAI, United Arab Emirates (AP) — Qatar Airways, one of the Middle East’s leading airlines, said Thursday that its profit for the past year exceeded $1.5 billion, a record for the state-owned carrier that expects a strong increase in passengers when it is disputed. the FIFA World Cup.

Qatar Airways operates from a brand new airport in Doha, the capital, on the eastern coast of the Arabian Peninsula. The first World Cup in the Middle East will be held there in November and December,

The airline said revenue totaled $14.4 billion, up 78% from last year. It transported 18.5 million passengers in fiscal year 2021-2022, an increase of 200% compared to the previous year.

It is a turning point for the airline, which posted a net loss of $4.1 billion in the previous cycle due to the coronavirus pandemic and the banning of its Airbus A380 and A330 jets.

The airline’s fortunes also reflect that many countries have successfully carried out their vaccination campaigns, allowing the travel industry to recover.

During the worst months of the pandemic, Qatar Airways received a $3 billion bailout from the Qatari government that allowed it to continue operating under restrictions brought on by the virus. Its main competitor, the UAE’s flag carrier Emirates Airlines, also received a multi-million dollar bailout from the Dubai government during the pandemic. The two airlines are crucial to the economies of their respective countries, which are heavily dependent on tourism and transit passengers.

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