Qatar Airways reported an operating profit of QR3bn ($824m) in 2016. It is the most profitable year yet for the airline group, the company said in a statement released in late December 2016.

Qatar Airways’ positive financial report comes amid mounting challenges being reported by rival Gulf airlines.

Dubai-based Emirates Group recently reported a 64 per cent drop in net profit, to $364m, for the first half of its 2016-17 fiscal year, which falls between April and September 2016, compared to the same period of 2015-16. In mid-2016, the airline was alleged to have frozen hiring of new cabin crew. The airline, however, denied, the report.

Abu Dhabi’s Etihad Airways was forced to acknowledge undergoing a restructuring process in December 2016, amid persistent rumours it has fired a significant number of employees.

Etihad, however, declined to specify the number of job cuts apart from saying that “the restructuring will… result in a measured reduction of headcount in some parts of the business.”

Qatar Airways received 19 new aircraft that brought its total in-service fleet to 192 as of end 2016.

In October, Qatar Airways placed an order for 30 Boeing 787-9 Dreamliner and 10 777-300ER aircraft valued at $11.7bn at list prices. It also signed a letter of intent for the procurement of up to 60 units of the 737 MAX 8 planes, whose value could fetch $6.9bn.

The airline, through its subsidiary Qatar Airways Investments, also completed the acquisition of 10 per cent stake in Latam Airlines Group, the leading airline in Latin America, in December 2016. It also increased its stake in British Airways owner International Consolidated Airlines Group (IAG) to 20 per cent in August, making it the airline group’s largest investor.