Profit for Qatar Airways jumps threefold to QR3bn

Qatar Airways Group announced a QR3bn operating profit for the fiscal year 2016, nearly three times more than fiscal 2015 profit of QR1.1 billion, resulting in an 8.6% operating profit margin.

This is an improvement of nearly six percentage points from the previous year out of a revenue of QR35.6bn.

The company posted a net profit of QR1.6bn for the financial year to March 31, up from the QR374m for the previous year.

Qatar Airways growth rate (CAGR) term since the re-launch in 1997 to March 31, 2016 is 28%.

Qatar Airways Group Chief Executive Akbar al Baker said: "Qatar Airways continues to lead the industry in all aspects of the business, from our strong financial performance to our award-winning on board product."

For the year ending March 31, 2016, Qatar Airways Group reduced its expenses 1.5% and increased its cash and bank balance from QR5.5bn to QR12bn, 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 US. Three continents are now served with the A350: North America, Europe and Asia.

The airline celebrated delivery of its 25th Boeing Dreamliner, and now operates a fleet of 29 Boeing 787s. Celebrating another milestone in the fleet, the airline celebrated the delivery of its 50th Boeing 777, the backbone of its international network.

Qatar Executive, the private jet division of the Qatar Airways Group, became the launch customer of the Gulfstream G650ER, the world's largest and fastest aircraft of its size.

Qatar Executive now has two G650ER aircraft of the total order for 30 Gulfstream family aircraft.

Qatar Airways Cargo had a record-setting year, growing to third-largest cargo operator in the world as of October 2015, and continuing to expand both its fleet and product line-up.

Qatar Airways' home and hub, Hamad International Airport (HIA), proved more than capable of handling capacity traffic, serving a record number of travellers for the calendar year 2015, its first full year of operations, with more than 30m people served.

Simultaneously, it was named Middle East Best Airport for the second year in a row, and for being the first Middle Eastern airport to be named to Skytrax's World's Top 10 Best Airports.

Courtesy: Qatar-tribune.com