Qatar Airways reports earning a $2.15 billion profit in its last fiscal year, a record for carrier

DUBAI, United Arab Emirates — The holding company that owns Qatar Airways reported Monday it earned a $2.15 billion profit in its last fiscal year, its highest-ever profit off the back of record passenger numbers as global aviation bounces back after the coronavirus pandemic.
The state-owned carrier reported revenues of $23.4 billion overall in the results, up from $22.1 billion the year before. Its fiscal year profits in the prior reporting period were $1.6 billion.

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5 Revealing Analyst Questions From Textron's Q1 Earnings Call

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Data from Wing X shows that U.S. private jet flights, which had been tracking at a 3.4% year-over-year growth rate before the tariff announcements, have accelerated with 4.1% year-over-year gains since then. Domestic private jet segments were up 16% year-over-year over the recent Memorial Day weekend. In a separate interview published this week, Thomas Flohr, chairman of Vista, the most global of the big players, told Spears Magazine about the prospect of engaging more wealthy individuals in private skies. "The addressable market is gigantic and growing usually at about double GDP." Earlier this year, Flexjet, Inc. announced a firm order for new private jets from Embraer valued at $7 billion. Co-CEO Mike Silvestro stated that the company anticipates doubling the size of its fleet to over 600 jets by 2031. NetJets, including its aircraft management arm, operates around 1,100 aircraft, which would rank it alongside American Airlines, Delta Air Lines, and United Airlines in terms of fleet size. So, what's driving the growth? Gallagher says it's a combination of factors. For executives constantly on the road, flying privately increases family time. In other cases, customers with mobility issues find navigating big and crowded airports increasingly difficult. For others, it's about visiting the grandkids. At the same time, being able to bring pets along can be a reason to choose private flights. Last year, NetJets flew 25,000 pets, mostly dogs and cats, but also parrots and pot-bellied pigs. Another reason for the optimism is the demographics of the flyers. Silvestro says customers are entering the private aviation market earlier, meaning a longer runway of usage. New customers are now in their late 30s and early 40s compared to a market that was previously driven by users who were 55+. The next generation of customers also want to visit more far-flung destinations, creating a need for bigger jets. He coined the trend, "younger, larger, longer." Vista Chairman Thomas Flohr recently told Spears Magazine, "The addressable market is gigantic and ... More growing usually at about double GDP." His VistaJet unit has grown 115% since 2019, according to recent Aviation Week data. (Photo by ERIC PIERMONT/AFP via Getty Images) For fractional and charter operators such as NetJets, Flexjet, and Vista's VistaJet, anonymity is also an increasing factor, the executives say. "We have clients who own their aircraft and use NetJets when they want to fly incognito," Gallagher told CNBC, noting, 'All anybody is ever going to see is that familiar NetJets stripe on the aircraft. They have no idea, no way to track who's onboard.' Both Gallagher, and Flexjet Chairman Kenn Ricci, speaking on a recent industry podcast, say the programmatic offerings they sell - fractional ownership and jet cards - are proving sticky for newcomers, meaning a broader base of core users, and few have stepped back to the airlines. Ricci told listeners, 'We are not seeing much attrition of that frugal wealthy group that showed up (during COVID).' A recent Forbes survey of billionaires found private jets as the top answer when they were asked to name the one luxury they could not live without. What's going to get 86% of the addressable market, which is still on the sidelines, to fly privately? Gallagher noted that $80 trillion is expected to be inherited over the next two decades. He says the next generation is more open to shared economy solutions, such as jet cards and fractional ownership than their parents. Similarly, the new rich are those who are making their money from tech-driven businesses. Gallagher says NetJets' highest market share is in Silicon Valley. He told CNBC, "The tech money is investing in the shared economy." A survey of Private Jet Card Comparisons subscribers who don't currently fly privately but are considering it found that 63% cited door-to-door time savings compared to airlines, 46% said private aviation would give them access to more convenient airports, and 31% cited the ability to fly nonstop instead of making a connection. Nearly 30% cited traveling with pets. Thirty-eight percent said flying privately would replace long trips by car, something that is driving more private flight providers to offer last-mile solutions. Enticing those who can afford to fly privately and drawing them in has always been challenging. Terrorist attacks and Covid drove new customers who wanted to avoid crowded spaces. Airline meltdowns, where passengers can't be rebooked for several days, cause a brief spike in demand. Product breakthroughs, such as fractional jet ownership, invented by NetJets, and jet cards, which date back to 2019 and created by Sentient Jet, now part of Flexjet, Inc., have made flying easier and more accessible, Cheap access often gets plenty of press but rarely meets expectations, and the business models usually prove unsustainable. Kenny Dichter, who founded both Marquis Jet Partners, which was sold to NetJets in 2010, and Wheels Up, which he exited in 2023, announced his return to the space last month with RealJet, an offshoot of a sports and entertainment platform he launched last year. Dichter is widely credited with helping expand the market via MarquisJet, which enabled its customers to buy jet card flights on NetJets in 25-hour increments instead of making a five-year, 50-hour-per-year ownership commitment. He also promoted a membership program using cost-effective King Air turboprops through Wheels Up. This time he is hoping the ability to offer private flights as a stylish and hassle-free way to travel with friends and business associates to his lineup of VIP events will help bring first-time flyers. Real SLX has already inked partnerships with BetMGM and FanDuel. In launching his charter brokerage, Dichter said, 'We think Real SLX's reach to over 22 million U.S. millionaires, of whom maybe 150,000 are regular private aviation users, creates a white space where we can help bring lots of new consumers into the market.'