After almost doubling his salary in the last financial year Alan Joyce, the boss of Qantas boss has came closer to the top executive of the Australian pay league.

As per the report of the company published on Friday, in the year 2016-17 the total pay package of Joyce was $24.6 million which was almost double to $12.96 million, which he earned during last one year.

The report further said that the big boost in the pay of Joyce can be due to the huge rise in the price of the shares of the company, which has largely increased the value of his incentives, on the basis of his performance, from $3.16 million to $18.5 million.

His basic pay remained fixed at $2.1 million whereas his bonus in cash was nearly $1.8 million, which was less than last year, mainly due to a bit low profits of the company. The balance of $2 million in his pay package was received as instant motivations.

The chairman of the company, Leigh Clifford, defended him on the front of pay hike by saying that the hike in his pay package was based on the record profits earned by airlines after an amazing spin from the loss of $2.8 billion in 2014.

Clifford further said in the statement that it can be said undoubtedly that these pay hikes were very high.

The reason behind this high increment can be due to the reflection of exceptional performance of the company along with the top rank of the company for total returns for the shareholder among every company on the ASX100 and the peers airlines all over the world.

According to Clifford, the price of shares increased more than four times during last three years which accordingly increased the value of bonuses to the executives, which is usually paid in the form of shares of Qantas.

In 2014, the value of the share of Qantas was $1.26 which were paid out now at $5.72 under the long term incentive plan for three years.

Due to the battles with Virgin and hike in oil prices by more than $100 per barrel, Qantas made a loss of $2.84 billion three years ago.

But reducing the fuel prices to half and restructuring the job opportunities by dismissing thousands of employees has transformed the loss of the airlines into second highest record profits in the year 2016-17.

Joyce said the due to restructuring he will become highest paid executive in a public company and a competitor to Nicholas Moore, the boss of Macquarie and Westfield’s Lowy brothers.