Amsterdam, (Business News Report)|| Giant European aviation industry Airbus has announced record profits during the past year 2021.
Airbus’ profits indicate the company’s recovery from the effects of the Coronavirus pandemic.
The company has drawn up plans to redistribute profits, in a move that reflects the company’s recovery from the pandemic, which lasted two years.
Airbus’ net profit jumped by 185% to reach 4.2 billion euros at the end of last year, compared to 1.7 billion euros for the year 2020. Last year’s profit came less than the estimates of analysts who had expected a net profit of 4.67 billion euros.
In the fourth quarter of last year, the company’s profit grew 1.6 percent year on year to $1.79 billion, beating expectations of $954.1 million.
The company said in the statement that its board of directors proposed a distribution of 1.50 euros per share to be paid on April 21. This is after Airbus suspended distributions to shareholders in the first months of the pandemic.
Airbus said it delivered 611 commercial aircraft in 2021, an increase of 8% over 2020, and expects to increase its production to receive 720 aircraft in 2022.
Dispute with Qatar
In a related context, the CEO of Airbus said that the company hopes to reach an amicable solution to the dispute with Qatar Airways over damage to the surface of the A350 passenger planes.
The two companies have been locked in a dispute for months over the erosion of aircraft paint and the long-term deterioration of lightning protection, a problem that Airbus has acknowledged should be addressed while insisting that it does not endanger the safety of the aircraft.
Qatar Airways is seeking $618 million in compensation from European airline Airbus.
The airline is also demanding an additional compensation of $4 million for each day it stopped operating its 21 aircraft of this type.
The dispute between the two companies comes after the surface of the A350 aircraft was eroded, during which the aircraft were suspended by order of the Qatari regulatory authorities.
On December 20, Qatar Airways said that it had started taking action in a British court against Airbus, after all of its attempts to reach a constructive solution failed.