Qantas has posted a record underlying profit of $2.465bn, after a doubling of revenue and cutting costs in a massive turnaround for the under fire airline
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Qantas has delivered a record $2.5billion profit only a year after suffering a deep loss with Alan Joyce delivering his last financial result as chief executive ahead of a generous payout.
The full-year underlying profit before tax of $2.465billion marked a major turnaround from a $1.859billion loss for 2021-22 covering a period before Australia reopened its borders to international travellers.
Revenue doubled to $19.8billion, up from $9.1billion, and surpassing the $17.97billion level of 2018-19, before the pandemic.
Mr Joyce, whose 15-year run heading Qantas ends in November, touted his $1billion cuts, which saw 9,400 people lose their jobs in 2020 and 2021 even as it received generous federal government JobKeeper payments during the Covid lockdowns.
‘We’ve taken $1 billion in costs out and there’s been a structural change to our earnings to deliver a new level of profitability,’ he said.
Qantas has enjoyed a big turnaround delivered a $2.465billion profit with Alan Joyce delivering his last results as chief executive (he is pictured centre with Prime Minister Anthony Albanese and his girlfriend Jodie Haydon)
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Mr Joyce has been a prominent supporter of the Yes case for an Indigenous Voice to Parliament and before that, campaigned for gay marriage in 2017.
‘This is my last full year results as Qantas Group CEO,’ he said.
‘It’s been extremely challenging – but I’m pleased to say that the future of the national carrier is on very solid ground. Safety and reliability remain core.’
Mr Joyce, who hands over to chief financial officer Vanessa Hudson in three months’ time, boasted: ‘Our balance sheet is the strongest it’s been in decades.’
His remuneration in 2022 was $2.272million but they should swell with a series of bonuses and incentives, which The Australian Financial Review calculated could see him paid $24million in 2023.
Mr Joyce owns 2,990,243 Qantas shares and an increase in the share price from $4.36 in June 2002 to $6.17 now means his wealth, based on those investments alone, has surged by $5.4million in little more than a year.
Mr Joyce has been a prominent supporter of the Yes case for an Indigenous Voice to Parliament and before that, campaigned for gay marriage in 2017
