Qantas has posted a record underlying profit of $2.465billion
Qantas posted a record $2.465 billion underlying profit after doubling revenue and cutting costs in a massive turnaround for the beleaguered airline
Qantas posted a record $2.5 billion profit just a year ago, after taking a big loss with Alan Joyce posting his last financial result as CEO ahead of a generous payout.
Underlying full-year pre-tax earnings of $2.465 billion represented a major turnaround a loss of $1.859 billion for the period 2021-2022, covering a period before Australia reopened its borders to international travellers.
Revenue doubled to $19.8 billion from $9.1 billion, surpassing the pre-pandemic level of $17.97 billion from 2018-2019.
Mr Joyce, whose 15-year run at the head of Qantas ends in November, hailed his $1bn cuts, which saw 9,400 people lose their jobs in 2020 and 2021, even as the Covid lockdowns saw generous JobKeeper payments from the received by the federal government.
“We took out $1 billion in costs and made a structural change in our revenues to deliver a new level of profitability,” he said.
Qantas has made a major turnaround, posting a profit of $2.465 billion, with Alan Joyce achieving his latest results as CEO (he is in the center of the picture with Prime Minister Anthony Albanese and his girlfriend Jodie Haydon)
Mr Joyce, who will hand over to CFO Vanessa Hudson in three months’ time, boasted, “Our balance sheet is the strongest in decades.”
His 2022 pay was $2.272 million, but it should increase with a series of bonuses and incentives, which The Australian Financial Review calculated could pay him $24 million in 2023.
Mr Joyce owns 2,990,243 shares of Qantas and an increase in the share price from $4.36 in June 2002 to $6.17 now means that his net worth, based on those investments alone, has increased by $5 in just over a year. .4 million has increased.
The multimillionaire even suggested that high inflation was good for the flying kangaroo airline.
“Despite cost-of-living pressures, survey data shows that people plan to spend more on travel and less on household items, renovations and even alcohol over the next six months,” said Joyce.
Mr Joyce was a prominent supporter of the Yes cause for an Indigenous vote in parliament and campaigned for same-sex marriage in 2017
Low-cost carrier Jetstar, which Mr. Joyce managed from 2003 to 2008, saw its revenue nearly triple from $1.44 billion to $4.235 billion.
The Irish-born business executive was a prominent supporter of the Yes cause for an indigenous vote in parliament and campaigned for same-sex marriage in 2017.
“These are my last full year results as CEO of Qantas Group,” he said.
“It was a huge challenge, but I am happy to say that the future of the national airline is on a very solid foundation.
‘Safety and reliability remain central.’