Shares of Australian flag carrier Qantas rose to a record high Thursday after its full-year earnings results beat estimates, buoyed by resilient demand across its domestic and international networks.

Qantas stock rose as high as 13.59% in early trading, before paring gains to trade 9% higher as of 12:33 p.m. local time (10.33 p.m. ET Wednesday).

The carrier reported a 15% jump in underlying profit before tax to A$2.39 billion ($1.6 billion), beating the Visible Alpha consensus estimate of A$2.38 billion. Its revenue rose 8.6% to A$23.82 billion for the year ended June 30.

Qantas also stated a final dividend of 16.5 Australian cents per share and an additional special payout of 9.9 cents, bringing total ordinary dividends for the year to 33 cents a share — the airline’s biggest annual payout in 17 years.

Qantas CEO Vanessa Hudson noted that its budget arm, Jetstar, had a “standout year” with its fleet renewal fueling a significant boost to earnings. It comes in spite of the closure of Jetstar’s Asia arm on July 31 due to ” rising costs and competition in the region.”

“The closure of Jetstar Asia supports the Qantas Group’s strategy of recycling capital to improve long-term returns, support fleet renewal and strengthen core markets,” Qantas said.

The subsidiary posted a 55% jump in annual earnings as it flew a record 16 million domestic passengers,

Despitethe strong performance across the group, Hudson noted that some costs have risen above the rate of inflation, which lowered the benefits of cheaper fuel.

Looking ahead, Qantas placed an order for 20 more Airbus A321XLR aircraft, including 16 with lie‑flat business class seats, signaling a push toward premium narrow-body capacity.

The results also come on the heels of Qantas recently being hit with a record A$90 million penalty for illegally sacking 1,800 ground staff.