Qatar Airways Group reported a net loss of U.S.$4.1 billion, of which U.S.$2.3 billion is due to a one-time impairment charge related to the grounding of A380 and A330 fleets. Despite the difficulties posed by the ongoing pandemic, the Group’s operating results demonstrated its resilience during the crisis, with the reported operational loss at U.S.$288.3 million which is 7 per cent less compared to 2019/20. Furthermore, the Group achieved a significant improvement in EBITDA, which stood at US $1.6 billion compared $1.4 billion the previous year.
Despite enduring one of the most difficult years in the Group’s history, based on strong commercial fundamentals, the airline has rebuilt its network from a low of 33 destinations to more than 140 destinations today. The airline continued to identify new markets, launching nine new destinations – Abidjan, Côte d’Ivoire; Abuja, Nigeria; Accra, Ghana; Brisbane, Australia; Harare, Zimbabwe; Luanda, Angola; Lusaka, Zambia; San Francisco and Seattle, U.S.
The carrier was also one of only a few global airlines to continue operating to key cities, including Amsterdam, Dallas-Fort Worth, London, Montréal, São Paulo, Singapore, Johannesburg, Sydney and Tokyo. This is in addition to the expansion of Qatar Airways’ operations beyond pre-pandemic levels in several markets, including Brazil, Canada, Nigeria, and the U.S., ensuring the airline is well-positioned to take advantage of the recovery of international travel.
The Group also made significant progress in its ambition to forge new strategic partnerships with several major airlines, including American Airlines, Air Canada, Alaska Airlines and China Southern Airlines. These new alliances, along with an expanded cooperation with several existing partners, including JetBlue, Iberia, LATAM, Cathay Pacific and Oman Air, further strengthened Qatar Airways’ connectivity, unlocking the value of the airline’s relationships and providing a range of increased travel options for passengers.
Qatar Airways Group Chief Executive, Akbar Al Baker, said: “There are three words that I believe best describe Qatar Airways Group’s response in the past year – strength, resilience, and commitment. Strength to not shy away from taking a risk or avoiding difficult decisions, resilience in remaining focused and not allowing events to overcome us, and commitment by never reneging on our promises to customers, partners, and employees.
“Whilst our competitors grounded their aircraft and closed their routes, we adapted our entire commercial operation to respond to ever-evolving travel restrictions and never stopped flying, operating a network our passengers and customers could rely on. With the support of our varied fleet of modern, fuel-efficient aircraft, we were able to ensure that more of our scheduled flights operated than any other carrier and fulfilled our mission of taking stranded passengers home, whilst maintaining global supply chains to transport medical aid and supplies essential to the fight against COVID-19. We also significantly expanded our charter business as a direct response to increased demand in this area, providing vital and reliable services to support our customers during uncertain times, an effort that was publicly appreciated and acknowledged by many governments and organisations around the world. This commercial flexibility further consolidated our leadership position at the forefront of the recovery of global air travel.
