Emirates Group sees record profit hike
Emirates Group has posted a record profit increase of 248% despite the global recession.
The Emirates Group, which includes Emirates Airline and Dnata, saw its profits grow to AED 4.2 billion (US$ 1.1 billion) for the financial year ended March 31 2010.
His Highness Sheikh Ahmed bin Saeed Al Maktoum, chairman and chief executive, Emirates Airline and Group, said: “It has been an exceptional year of continued profitability against a backdrop of the worst global recession in generations.
“The first half of the financial year however, was extremely challenging as the world continued to grapple with the economic crisis.
“Our pioneering spirit and ability to adapt in adverse conditions helped us to push through this harsh economic climate with an extremely strong performance in the latter part of the year.â€
Emirates Group profit margin improved to 9.1% from 2.6% a year earlier.
Emirates Airline’s revenues remained stable at AED 43.5 billion ($US 11.8 billion), an increase of 0.4% from the previous year.
Airline profits of AED 3.5 billion (US$ 964 million) marked an increase of 416% over 2008-09’s profits of AED 686 million (US$ 187 million).
Passenger numbers for Emirates Airline grew 21% to 27.5 million passengers.
Meanwhile, Dnata achieved its highest ever profit in its 50 year history. Profits increased by 20.9% to reach a AED 613 million (US$ 167 million) “despite an intensely tough business climate for airport and cargo operationsâ€.
Revenue remained stable with a marginal drop of 0.7% to AED 3.2 billion (US$ 861 million).
By Bev Fearis
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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