The company said the combination of the coronavirus pandemic, a boycott across Gulf neighbors and the liquidation of 49% owned Air Italy, which filed for bankruptcy in February, had led to almost double losses.
This brought the airline’s loss for the year through the end of March to 7. 0 billion riyals ($ 1. 92 billion).
“Qatar Airways is used to taking on exceptional challenges; however, 2019-2020 was one of the most difficult years in the airline’s history,” the airline said in a statement.
The airline showed that Qatar had joined a list of governments that intervened with its domestic carriers in the context of the closure of the coronavirus, which has affected travel by the global and aviation industry.
The airline will factor 730 million percentages for the government after receiving “a 7. 3 billion riyal advance” ($2 billion) after annual losses exceeded 50% of the percentage of capital, he said in his annual report.
“Without the cases of fiscal year 2020, our effects would have been greater than last year,” said the airline’s executive leader, Akbar al-Baker.
The report also indicates that during the 12 months, revenue increased by 6. 5% to 51. 1 billion riyars, seating capacity increased by 3. 2%, and shipments were treated by 2. 8%.
The pandemic has exacerbated an already complicated environment for Qatar Airways: the United Arab Emirates, a key market for the Gulf airline, along with Saudi Arabia, Bahrain and Egypt, has boycotted Qatar since June 2017.
They accuse Doha of ties with extremist teams and being too close to Iran, Riyadh’s main regional rival, an accusation that Qatar denies, and have closed its airspace, borders and markets in Doha.
Qatar Airways is the largest airline of the moment in the Middle East after Dubai-based Emirates, which operates a fashionable fleet of 250 aircraft, although some are still on the ground in the pandemic.
In July, Qatar won a ruling through the International Court of Justice in its fight against airspace restrictions across Saudi Arabia, the United Arab Emirates, Bahrain and Egypt.
He said he would seek a $5. 0 billion refund from other Arab states for the closure of his airspace to the national airline.