Qantas posted a bottom line net profit of $1.6 billion in for the year ended June 30, up 28.3 per cent from a year ago.
Its underlying pre-tax profit rose 15 per cent to $2.4 billion.
Revenue grew 8.6 per cent to $23.8 billion, thanks to growth in its international operations and strong demand for domestic business and leisure travel.
The airline will order another 20 Airbus A321XLR aircraft which will begin arriving in 2028, taking its total order for the next-generation planes to 48 aircraft.
The jets have a range of 8700km, around 3000km more than the Boeing 737 it replaces, and will allow Qantas to launch flights to destinations across Southeast Asia and the Pacific islands that aren't currently viable.
Qantas' first two A321XLRs, configured for domestic and short-haul international trips, are expected to begin flying in mid-September on the Sydney-Melbourne and Sydney-Perth routes.
"Investing in new aircraft is one of the most significant ways that we can provide our customers with a better flying experience and these billion-dollar investments are possible because of our continued strong financial performance," said CEO Vanessa Hudson.
Qantas will pay investors a final dividend of 16.5 cent per share as well as a special dividend of 9.9 cents per share.
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