Qatar Airways annual losses double on pandemic, impairments

©Qatar Airways

In publishing its Annual Report for 2020/21, covering a challenging year with the ongoing COVID-19 pandemic causing extensive loss of traffic and revenue, Qatar Airways Group has reported a net loss of US$4.1 billion, of which U.S.$2.3 billion was due to a one-time impairment charge related to the grounding of the airline’s Airbus A380 and A330 fleets.

However, the Group reported an operational loss of US$288.3 million, 7% lower compared to 2019/20. Furthermore, the Group achieved a significant improvement in EBITDA, which stood at US$1.6 billion compared to US$1.4 billion the previous year. A combination of our Qatar Airways Cargo division and the Group’s commercial adaptability have been at the core of this recovery. The Group’s freight division, Qatar Airways Cargo, maintained its position as one of the world’s largest cargo carrier and grew its market share during 2020/21. Cargo has also overseen a 4.6% rise in freight tons handled over the previous fiscal year (2019/20), with 2,727,986 tons (chargeable weight) handled in 2020/21. This increase in freight handled, as well as a significant increase in cargo yield, also saw the carrier’s cargo revenues more than double. 

Reflecting on the previous 12 months, Qatar Airways Group Chief Executive, His Excellency Mr. Akbar Al Baker, said: “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.”

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