QR Cargo volumes grow 2.8% in FY2020
The combination of the blockade, the liquidation of Air Italy by the majority shareholder, changes to accounting policy and reporting standards and the COVID-19 pandemic crisis resulted in the Qatar Airways Group reporting a net loss of QAR 7 billion for the year.
However, there has been an improvement which is seen from the increase in the overall revenue and other operating income to QAR 51.1 billion, up 6.4 per cent compared to last year. Passenger revenue grew by 8.9 per cent with capacity (Available Seat Kilometers) growth of 3.2 per cent. Qatar Airways carried 32.4 million passengers, an increase of 9.8 per cent over last financial year.
Qatar Airways Group Chief Executive, Akbar Al Baker, said, “Despite the momentous challenges our Group has faced in 2019-20, Qatar Airways Group continues to remain resilient, reporting strong underlying fundamentals. If not for the exceptional circumstances of fiscal year 2020, our results would have been better than the year before. During the fiscal year 2020, the Group’s revenue increased to QAR 51.1 billion, seat capacity increased by 3.2 per cent, freight tonnes handled increased by 2.8 per cent and passenger traffic at Hamad International Airport increased by 8.6 per cent. Qatar Airways invested QAR 16.8 billion in fleet and other assets during the year and had a cash balance of QAR 7.3 billion at year end. Significant progress has been achieved in the three-year transformation plan, which began pre-COVID-19 and will position the operations and practices to meet the current challenges."
He added, “I am extremely proud of the teams, departments and subsidiaries across the Qatar Airways Group that have remained agile throughout this tumultuous period and adapted quickly to this new reality, displaying the tenacity, versatility and commitment to excellence so often associated with everything we do. These efforts are why we have become the largest international airline and air freight carrier since the onset of the pandemic, taking over two million people home safely and reliably and carrying over 250,000 tonnes of medical and aid supplies to impacted regions."