Qatar Airways Records Annual Loss of Nearly $2 Billion in Annual Report

Qatar Airways has released its annual statement for the year ending March 31st, 2020. Qatar Airlines is the state-owned flag carrier of the state. The airways expressed that this year has been one of the most difficult years in its history particularly in reference to a combination of matters relating to the global pandemic of COVID-19, ongoing legal battle regarding illegal air space blockade against the State of Qatar, and the voluntary liquidation of Air Italy by the majority shareholder, in which the Qatar Airline had been the minority shareholder. The Airline insists that they would have has a reasonable successful year if not for these reasons.

(Photo Credit: Qatar Airways)

The Annual Report confirmed that they had incurred a loss of almost amounting to 7 billion Riyals ($1.9 billion) even though the State of Qatar awarded the Airline a financial aid of 7.3 billion Riyals to assist total number of passengers carried them cope with the downturn of the world economy. Despite the loss, Qatar Airways had increased total number of passengers carried by nearly 10%. The airline’s capacity of seats per kilometer also increased over by 3%. Consequently, Qatar Airways had become the largest international airline and air freight carrier since the onset of the pandemic, taking over two million people home safely and reliably and carrying over 250,000 ton of medical and aid supplies to impacted regions. They had achieved this by remaining resilient and quickly adapting to this new reality, displaying the tenacity, versatility and commitment to excellence when providing their services.

(Photo Credit: BBC)

It is estimated that financial results would not even come close to what any business would want to achieve this year and the next, attributing to the COVID-19 global pandemic.