Qatar Airways Group, the parent company of the Doha-based national airline, posted a net profit of QR1.6bn in fiscal 2016 (April 2015 to March 2016), up 328% on the previous financial year.

The group announced an operating profit of QR3bn - nearly three times greater than fiscal 2015 profit of QR1.1bn, resulting in an 8.6% operating profit margin. This shows an improvement of nearly six percentage points from the prior year- from QR35.6bn in revenues.
Qatar Airways’ compound annual growth rate (CAGR) in available seat kilometres (ASK) term since its relaunch in 1997 to March 31 is 28%.
Qatar Airways Group Chief Executive Akbar al-Baker said, “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.”
For the year ending March 31 Qatar Airways Group reduced its expenses 1.5% and increased its cash and bank balance from QR5.5bn to QR12bn, despite the significant growth in operations and an adverse movement in foreign currency exchange.
Over the course of fiscal 2016, Qatar Airways added 13 new destinations and increased its overall network to more than 150 destinations on six continents. The airline was also the global launch customer of the Airbus A350XWB, the most technologically advanced aircraft in the world, and was the first commercial airline to fly it to the United States. Three continents are now served with the A350: North America, Europe and Asia.
The airline celebrated delivery of its 25th Boeing Dreamliner, and now operates a fleet of 29 Boeing 787s. Celebrating another milestone in the fleet, the airline celebrated the delivery of its 50th Boeing 777, the backbone of its international network.
Qatar Executive, the private jet division of the Qatar Airways Group, became the launch customer of the Gulfstream G650ER, the world’s largest and fastest aircraft of its size. Qatar Executive now has two G650ER aircraft of the total order for 30 Gulfstream family aircraft.
Qatar Airways’ home and hub- Hamad International Airport (HIA), proved more than capable of handling capacity traffic, serving a record number of travellers for the calendar year 2015, its first full year of operations, with more than 30mn people served, while simultaneously being named Middle East Best Airport for the second year in a row, and for being the first Middle Eastern airport to be named to Skytrax’s World’s Top 10 Best Airports.
Qatar Airways Cargo had a record-setting year, growing to third-largest cargo operator in the world as of October 2015, and continuing to expand both its fleet and product line-up.
Over the course of fiscal 2016, Qatar Airways Cargo increased its dedicated freighter destinations to 54, adding Dallas, Budapest, Prague, Ho Chi Minh City, and New York to the network.
In addition, with the airline’s commercial growth, QR Cargo increased available tonnage world-wide by double digits this year and will continue to grow both organically, as the fleet is scheduled to grow to 22 aircraft by 2017, and through the airline’s growth in commercial service.