Let’s give a round of applause for Qatar Airways. The Doha-based airline celebrated its 25th anniversary, setting a record for itself and the global airline industry when it reported a net profit of $1.54 billion during its 2021-2022 fiscal year.

The net profit figure is 200% above Qatar Airways’ highest-ever annual profit record, with overall revenue increasing to $14.4 billion, which is 78% greater than its previous fiscal year’s profit. Even more impressive, it’s 2% greater than its pre-COVID net profit in the fiscal year 2019-2020.

In the face of an increasingly challenging global economy, Qatar Airways has thrived. The airline credits its positive results to its ability to adapt quickly to changing market conditions and its strategic vision.

A large part of the record profit was driven by a 210% year-over-year growth in passenger revenue due to an expansion of the airline’s network, an increase in market share, and a higher unit return. Group chairman Saad Bin Sharida Al-Kaabi also credited the company’s agility and success in navigating what has been an incredibly difficult time for all airlines.