The Emirates Group has reported a record AED 5.9bn (A$1.49bn) net profit for its 2010-11 financial, the 23rd consecutive year the airline group has posted a profit.
Comprising Emirates Airline, air service company dnata and its various subsidiaries, the Emirates Group’s revenue for 2010-11 increased 26.4 per cent to AED 57.4bn (US$ 14.5bn), with its cash balance rising substantially to AED 16bn (A$4.3bn). Emirates Airline posted a net profit of AED 5.4bn (A$1.4bn) for the year, up no less than 51.9 per cent, while revenue increased 25 per cent to AED 54.4 billion (A$13.7bn).
“This year’s record results represent our drive to push the boundaries of aviation, questioning the norms and advocating for open and fair competition. Despite unforeseen challenges in the form of political instability and shocking natural disasters we have managed, through sheer determination, nimbleness and quick thinking, to produce our best ever result,” Emirates Airline and Group chairman and CEO, Sheikh Ahmed bin Saeed Al Maktoum said on May 10.
“A clear indication of our strength, this year’s financial result represents the tireless work of our 57,000 strong workforce. Operating without subsidy and through a well thought out business model we have, as a team, been able to confront adversity on many levels.”
Emirates cites “strong market demand” in the first six months of the fiscal year as a key reason for the string of solid results, marked also by subsidiary dnata’s recent international expansion and acquisition of global catering firm Alpha Flight Group Ltd.
“Looking ahead we have no plans to deviate from our proven strategy of investing in our business and focusing on core customer service,” Sheikh Ahmed concluded.
Emirates currently operates a fleet of of 152 widebody aircraft including eight freighters. It currently operates 63 flights a week to Australia, and 28 a week to New Zealand.