Qatar Airways Group has announced a three billion QAR operating profit for fiscal year 2016 - nearly three times greater than fiscal 2015 profit of 1.1 billion QAR.

The result means 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 in ASK term since the re-launch in 1997 to March 31st 2016 is 28 per cent.

Qatar Airways Group chief, 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 31st, 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.

Qatar Airways plans to launch 17 new destinations in the 2016/2017 fiscal year, with services to Adelaide, Atlanta, Marrakech and Yerevan already begun.

To come: Auckland, New Zealand; Chiang Mai, Thailand; Douala, Cameroon; Helsinki, Finland; Krabi, Thailand; Libreville, Gabon; Lusaka, Zambia; Nice, France; Pisa, Italy; Sarajevo, Bosnia and Herzegovina; Seychelles; Skopje, Macedonia; and Windhoek, Namibia