Qatar Airways Cargo Reports 4.6% Year-on-Year Rise in Cargo Volumes
Qatar Airways Group has published its Annual Report for 2020/21, covering a challenging year with the ongoing COVID-19 pandemic causing extensive loss of traffic and revenues as part of a pattern seen across the global aviation industry.
Cargo operations saw a 4.6% rise in freight tonnes handled over the previous fiscal year (2019/20), with 2,727,986 tonnes (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.
Meanwhile, Qatar Airways Group reported a net loss of $4.1 billion, of which $2.3 billion is due to a one-time impairment charge related to the grounding of the airline's Airbus A380 and A330 fleets.
Despite the difficulties posed by the ongoing pandemic, the Group's operating results demonstrated its resilience during the crisis, with the reported operational loss at $288.3 million 7% less compared to 2019/20.
Furthermore, the Group achieved a significant improvement in EBITDA, which stood at $1.6 billion compared to $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.
Qatar Airways Cargo grew its market share during 2020/21. During the pandemic’s peak, Cargo more than tripled its daily services, operating a record 183 flights in one day during the month of May 2020.
Reflecting on what has been the most challenging and extraordinary 12 months in the airline’s history, Qatar Airways Group Chief Executive, His Excellency Mr. Akbar Al Baker, said: "There are three words that I believe best describe Qatar Airways Group’s response in the past year – strength, resilience, and commitment.
"Strength to not shy away from taking a risk or avoiding difficult decisions, resilience in remaining focused and not allowing events to overcome us, and commitment by never reneging on our promises to customers, partners, and employees.
"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.
"I am extremely proud of our people across the Qatar Airways Group who have remained agile and adapted quickly to this new reality, displaying the tenacity, versatility, and commitment to excellence so often associated with everything we do.
“I also wish to take this moment to express our gratitude to our shareholder, the Government of the State of Qatar, for its firm support of the Qatar Airways Group during this challenging period.
"While our organisation did not receive any subsidies in the form of salary support or grants, our shareholders did provide an equity injection of $3 billion to support the business’s continuity."