Net income for the year ended 31 March jumped 22% to 1.97 billion riyals ($538.7 million), Qatar Air said on Sunday.
The results also show an annual revenue increase of 10.4 per cent, to 38.9 billion riyals.
This is an outstanding result for the award-winning airline, which has experienced a busy year of expansion and investment, as well as celebrating its 20th anniversary in the global aviation industry.
Qatar Airways' available seat kilometres increased by 21.9 per cent in the 12 months to March 31st, to 185,208 million.
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Annual revenue also increased by 10.4 per cent, during a year in which the carrier added ten new destinations and expanded its fleet to 196 destinations. "As we celebrate our 20th anniversary in the industry, I am proud to share our annual results with the world so that they can see how far we have come as an airline group and how our dedicated team of more than 43,000 employees have worked together to make Qatar Airways the huge success it is today".
In July 2016, the airline announced an increase in its stake in International Airlines Group (IAG) from 15.24 per cent to 20.01 per cent, strengthening its position as a shareholder in one of world's biggest airline groups. A further strategic investment was made by the airline in December 2016, when it acquired 10 percent of LATAM Airline Group's total shares.
The Persian Gulf's second-largest carrier will introduce a record number of 24 destinations in the next year, including routes to San Francisco, Rio de Janeiro and Dublin and will add 66 Airbus SE A350 planes over the coming five years. The state-owned carrier added 10 destinations and carried 32 million passengers, up from 26.6 million a year earlier. The patented design brings a new level of comfort and privacy to the premium class passenger experience with its fully customisable suites that allow parties of two, three or four to create their own unique space within the Business Class cabin.
Despite the sanctions, "Qatar Airways continues to operate to the rest of its network as per its published schedules with day-to-day adjustments for operational and commercial efficiencies, which is standard airline practice", the company, led by Chief Executive Officer Akbar Al Baker, said in the statement. Saudi Arabia, Bahrain, Egypt and the United Arab Emirates last week suspended ties with Qatar, shut down flights and severed air, sea and land links.
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