Qatar Airways posts 'record' $1.54 bn profit in 2021-22

Qatar Airways on Thursday posted a record net profit of $1.54 billion for the 2021-2022 financial year, a result it attributed to a "successful strategy" during the coronavirus pandemic.

"This profit is not only a record for Qatar Airways Group, but also a record among all other airlines that have published financial results for this financial year worldwide," the state-owned airline said in a statement.

Qatar Airways was buoyed during the pandemic's hardest months with a $3 billion lifeline from the Qatari government that helped keep its operations afloat as it struggled with long-haul travel restrictions wrought on by the virus. Its main competitor, Dubai's flagship Emirates Airline, also received a multibillion-dollar payment by the Dubai government during the pandemic. The two airlines serve as key economic mainstays for their respective countries, which rely heavily on tourists and transit passengers.

The airline, however, says this year's “record earnings are the result of decisions made during the pandemic to expand the Qatar Airways’ passenger and cargo networks", including a more accurate forecast of the global market recovery and strong cost control.

The 25-year-old airline flies to more than 140 destinations, including Atlanta's Hartsfield, where it competes with Delta for international travelers at the world's busiest airport for passenger traffic.

The airline's brand is already to familiar to European soccer fans, where it has partnerships with FC Bayern München and Paris Saint-Germain. In the United States, it has a brand partnership with the Brooklyn Nets.