Qatar Airways Group announces 8.6 percent operating profit margin for 2016 fiscal

Qatar Airways Group announced a 3 billion QAR operating profit for fiscal year 2016 - nearly three times greater than fiscal 2015 profit of 1.1 billion QAR, resulting in an 8.6 per cent operating profit margin, an improvement of nearly six percentage points from the prior year, from 35.6 billion QAR in revenues. The company reported a net profit of 1.6 billion QAR, resulting in a net profit margin of 4.5 per cent. Net profit for fiscal 2015 was 1.1 per cent, at 374 million QAR. Qatar Airways growth rate (CAGR) in ASK term since the relaunch in 1997 to 31st March 2016 is 28%. Qatar Airways Group Chief Executive, His Excellency Mr. Akbar Al Baker, said: "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.” 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. At the 2016 Skytrax World Airline Awards, Group Chief Executive of Qatar Airways, His Excellency Akbar Al Baker, accepted three awards - World‘s Best Business Class, Best Business Class Airline Lounge and Best Airline Staff Service in the Middle East. The consumer-voted awards recognised the airline for its commitment to offering passengers an unrivalled travelling experience. The Skytrax World Airline Awards are widely known as the Passengers Choice Awards with millions of travellers, from 160 different countries, participating in passenger satisfaction surveys to decide the winners each year.