The Qatar Airways Group posted a profit of QR1.62 billion (US$445 million) for the fiscal year from April 1, 2015 to March 31, 2016, a year-on-year increase of almost 334%, according to the group’s first annual report.

“Qatar Airways continues to lead the industry in all aspects of the business, from our strong financial performance to our award-winning onboard product,” said Akbar Al Baker, chief executive of the Qatar Airways Group. “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.”

Qatar Airways Cargo, which grew its tonnage by 24.8% to approximately 954,000 tonnes in 2015-2016, recorded a revenue of QR5.63 billion (US$1.55 billion), an increase of 10.7% compared to the same period last year.

The group was also able to lower its operating expenses by 1.49% to QR32.6 billion (US$8.96 billion), according to the report.