Qatar Airways’ annual net profit rises 22%, revenue up by 10%

Qatar Airways reported a year-on-year net profit increase of 21.7 percent for the fiscal year 2017, a statement said on Sunday.The results also showed an annual revenue increase of 10.4 per cent for the period from April 1, 2016 to March 31, 2017.”This is an outstanding result for the award-winning airline, which has experienced a busy year of expansion and investment. Qatar Airways’ available seat kilometres (ASK) increased by 21.9 percent in the fiscal year 2017, to 185,208 million,” it added.This year also marks Qatar Airway’s 20th anniversary in the global aviation industry.Qatar Airways Group Chief Executive Akbar al Baker said:”Our annual results once again reflect the success of our expansion and growth strategy that has seen the Qatar Airways Group grow from a small regional airline into an aviation powerhouse over the last two decades.”During the fiscal year 2017, Qatar Airways has made significant investments and partnerships; launched 10 new destinations; announced industry-changing on-board product developments and expanded its modern fleet to 196 aircraft.In July 2016, the airline announced an increase in its stake in International Airlines Group (IAG) from 15.24 percent to 20.01 percent, strengthening its position as a shareholder in one of world’s biggest airline groups. A further strategic investment was made by the airline in December 2016, when it acquired 10 percent of LATAM Airline Group’s total shares.Other key partnerships secured throughout the same period include a joint business agreement with IAG subsidiary, British Airways, with revenue sharing on the London Heathrow-Doha route, as well as new codeshare partnerships with airlines such as Finnair, Iberia, Sri Lankan, Vueling and Air Botswana.During the fiscal year 2017, the airline continued to build its global network, adding 10 new destinations.

Source: Civil Aviation Authority, Qatar