Qatar Airways Profit Dips Amid Mideast Conflict

Qatar Airways Group reported a 9.9% year-on-year decline in net profit, reaching $1.94 billion for the financial year concluded on March 31. This reduction in earnings was primarily a consequence of military activity in the Middle East that commenced on February 28, leading to airspace closures and a significant escalation in jet fuel prices.

The airline group's leadership described the final weeks of the financial year as an "active crisis" that necessitated careful management. Despite the turbulence, Qatar Airways focused on rebuilding its global network and schedule. The airline reported carrying more than 41.8 million passengers, maintaining extensive worldwide connectivity through its hub at Doha's Hamad International Airport.

Furthermore, Qatar Airways' cargo division proved to be a strong performer, transporting 1.43 million metric tons of freight. This achievement secured the airline a substantial 12% share of the global air-cargo market. Analysts noted that disruptions in shipping routes, such as the Strait of Hormuz and the Red Sea, further bolstered demand for air transport services.