Qatar Airways Operating Profit Margin at 8.6% For Fiscal Year 2016
Qatar Airways Group has announced a QAR 3 billion operating profit for fiscal year 2016 - nearly three times greater than fiscal 2015 profit of QAR 1.1 billion, resulting in an 8.6 per cent operating profit margin, an improvement of nearly six percentage points from the prior year, from QAR 35.6 billion in revenues. The company reported a net profit of QAR 1.6 billion, resulting in a net profit margin of 4.5 per cent. Net profit for fiscal 2015 was 1.1 per cent, at QAR 374 million.
Qatar Airways growth rate (CAGR) in ASK term since the relaunch in 1997 to 31st March 2016 is 28%.
“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," Qatar Airways Group Chief Executive, His Excellency Mr. Akbar Al Baker said.
For the year ending March 31, 2016, Qatar Airways Group reduced its expenses 1.5 per cent and increased its cash and bank balance from 5.5 billion QAR to 12 billion QAR, 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 Airways launched flights to a number of high profile destinations during fiscal 2016, including daily flights to Los Angeles in the United States and Sydney in Australia, further strengthening our overall route network relevancy to travellers world-wide.
Qatar Airways plans to launch 17 new destinations in the 2016/2017 fiscal year, with services to Adelaide, Atlanta, Marrakech and Yerevan already begun.