The Emirates Group has defied the economic slowdown over the past year, recording a 248 per cent increase in net profit for the financial year ending March 31.
“It has been an exceptional year of continued profitability against a backdrop of the worst global recession in generations,” said Emirates Group chairman and CEO HH Sheikh Ahmed bin Saeed Al-Maktoum. “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.”
The group’s net profit came in at AED4.2bn (A$1.3bn), while revenue remained stable at AED45.4bn (A$13.8bn), reflecting lower passenger and cargo yields offset by increased traffic.
Emirates Airline recorded stable revenue of AED43.5bn (A$13.2bn), while profit increased by an incredible 416 per cent compared to the previous financial year to AED 3.5bn (A$1bn), reflecting lower fuel costs and other unit costs.
Over the year, the airline took delivery of four Airbus A380s, 10 Boeing 777-300ERs and one 777 Freighter.