Qatar Airways said on Monday its net profit for the year ending March 31 rose sharply because of low oil prices and a cut in expenditure.

The Gulf state's national carrier posted a net profit of 1,621 million Qatari riyals ($442 million) in the year 2015/2016 compared with 373 million riyals ($102 million) in the previous year, a massive 335 percent rise, the company said in a statement.

Qatar Airways Group chief executive officer Akbar al-Baker said this was the best year yet for the airline which has a fleet of 186 of the most advanced aircraft.

The state-owned carrier's operating revenue rose from 34.2 billion riyals in the 2014-2015 fiscal year to 35.6 billion riyals last year, it said.

The airline, which operates to 150 destinations in 75 nations after adding 13 new routes last year, plans 17 new destinations this year.

In May, Qatar Airways raised its shareholding in British Airways owner IAG to just over 15 percent and announced that it is likely to further increase its stake.