Qatar Airways logo is seen on a plane model.
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Qatar Airways announced record annual revenue Thursday after the corporate’s funds were bolstered by the FIFA World Cup, which was hosted in Qatar last 12 months.
Qatar Airways Group reported that passenger revenue was up 100% during its fiscal 12 months 2022/23, with overall revenue as much as 76.3 billion Qatari riyals ($21 billion).
A complete of 31.7 million passengers flew with Qatar’s flagship carrier within the last 12 months, which was up 71% in comparison with the previous 12 months.
The World Cup provided a substantial boost to Qatar’s passenger figures, with the airline transporting 1.4 million passengers to the event. The carrier was the official airline of the soccer tournament.
The airline attributed the outcomes to a “successful strategy during a unprecedented 12 months,” based on a press release by the airline.
The outcomes are in lockstep with the worldwide resurgence airlines are seeing because the post-pandemic recovery is in full swing following a turbulent few years for the sector. Emirates and Ryanair announced bumper profits in May, while easyJet and British Airways each raised their profit expectations for the upcoming 12 months.
Qatar Airways received a $1.95 billion government bailout in September 2020 after the state-owned group reported annual losses of greater than 50% of its share capital. The carrier made heavy job cuts and delayed latest aircraft because the Covid-19 pandemic ground air travel to a halt.
Investors will likely be trying to see how the airline fares in the approaching 12 months, particularly with the launch of latest rival Riyadh Air, which debuted in March.
Qatar Airways CEO Akbar Al Baker said that his airline “love[s] competition,” when he spoke to CNBC in May.
“We’ll compete like we’ve been competing all these years,” he said on the Arabian Travel Market conference in Dubai.