Qatar Airways announces QAR 3 billion in operating profit for 2016

National airline of Qatar – Qatar Airways has announced an operating profit of 3 billion Qatari Riyal (QAR) for the fiscal year 2015/2016 – three times what the earned in 2015.

Qatar Airways released a press statement on Monday, in which they announced that they had earned an 8.6 percent operating profit margin with the QAR 3 billion they earned as operating profit in 2016 – which is almost three times the QAR 1.1 billion they earned in 2015.

Qatar also reported that they earned QAR 1.6 billion in net profit – resulting in a net profit margin of 4.5 percent.

The company reported that they had a growth rate of 28 percent from its relaunch in 1997, up to March 31, 2016.

Chief Executive of Qatar Airways Group, Akbar Al Baker noted that the fiscal year 2016 was the best performance the company made, and acknowledged the contribution of the company’s employees.

“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. Our fiscal 2016 year was the best yet for Qatar Airways Group, and our results reflect the discipline and dedication of the more than 39,369 men and women who proudly represent our airline and its associated brands,” said Baker.

The company also reported that they had managed to reduce its expenses by 1.5 percent, and more than double they cash and bank balance from QAR 5.5 billion to QAR 12 billion – battling all the while with the Signiant expansion of their operations and the changes in foreign currency exchange rate.

Qatar Airways added 13 new destinations in fiscal year 2016.

They are:

• Abha

• Amsterdam

• Birmingham

• Boston

• Durban

• Faisalabad

• Los Angeles

• Multan

• Nagpur

• Ras Al Khaimah

• Sialkot

• Sydney

• Zanzibar

Qatar also noted the introduction of Doha-Dubai Shuttle – the first-of-its-kind flying between the two cities to provide a solution to the problem of heavy traffic between Doha and Dubai.

The overall network of the airline includes more than 150 destinations in 6 continents.

It plans to start operations to 17 more destinations in the fiscal year 2015/2016.