Qatar Airways reports 10.4 percent revenue increase in 2016-17
Jun 12, 2017: Qatar Airways has released its annual report for the fiscal year 2017 (April 1, 2016 to March 31, 2017) revealing a 21.7 percent year-on-year net profit increase. The results also show an annual revenue increase of 10.4 percent.
The Doha based airline celebrates its 20th anniversary in the global aviation industry. Qatar Airways’ Available Seat Kilometres (ASK) increased by 21.9 percent in the fiscal year 2017, to 185,208 million.
Akbar Al Baker, Group chief executive, Qatar Airways, 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. As we celebrate our 20th anniversary in the industry, I am proud to share our annual results with the world so that they can see how far we have come as an airline group and how our dedicated team of more than 43,000 employees have worked together to make Qatar Airways the huge success it is today.”
During the fiscal year 2017, Qatar Airways has made significant investments and partnerships; launched 10 new destinations and new 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. 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: Adelaide, Australia; Atlanta, United States; Auckland, New Zealand; Helsinki, Finland; Krabi, Thailand; Marrakech, Morocco; Pisa, Italy; Mahé, Seychelles; Windhoek, Namibia; and Yerevan, Armenia.
The airline has also announced that it will launch a record number of 24 new destinations in the next year, including exciting cities such as Dublin, Republic of Ireland; San Francisco, United States; Rio de Janeiro, Brazil; and Santiago, Chile.
The airline company also announced an historic agreement with Boeing in October 2016, to purchase up to 100 aircraft comprising 30 firm 787-9s and 10 firm 777-300ERs with a letter of intent to purchase up to a further 60 B737 MAX 8 aircraft.
Continuing to spearhead innovation in the aviation industry, Qatar Airways revealed its revolutionary new First in Business seat concept, Qsuite, at ITB Berlin in March 2017. The patented design brings a new level of comfort and privacy to the premium class passenger experience with its fully customisable suites that allow parties of two, three or four to create their own unique space within the Business Class cabin.
In early June 2017, four specific countries namely the Kingdom of Saudi Arabia, the Kingdom of Bahrain, United Arab Emirates and the Arab Republic of Egypt took steps to sever diplomatic ties with the State of Qatar, and also closed transport connectivity by road, sea and air to these countries from the State of Qatar. Qatar Airways continues to operate to the rest of its network as per its published schedules with day-to-day adjustments for operational and commercial efficiencies, which is standard airline practice.