Middle Eastern operation Emirates Group has achieved its second-highest full-year profit, up 34% to Dhs5.5 billion ($1.5 billion).
Emirates Group turned in a 10% rise in revenues to DHs96.5 billion despite an 80-day runway closure at its Dubai International hub which cost Dhs1.7 billion in lost income.
The company had to ground 19 aircraft and reduce capacity by 9% as a result, while its ground-handling division had to support transfer of services to Dubai World Central’s Al-Maktoum airport.
“We had to be alert and steer our business at a steady speed,” said Emirates chairman Sheikh Ahmed bin Saeed Al-Maktoum, speaking as the company disclosed its financial results.
He says the company benefited from net savings of Dhs2.2 billion as a result of the fall in fuel prices, adding that this was a “welcome relief on cost”. But the strength of the US dollar was a concern, with a Dhs1.5 billion impact on the bottom line.
"The dollar didn't help us in many places," says Al-Maktoum.
But he adds that the strong group profit is a “great result, considering the challenges of the year”.
The carrier Emirates Airline contributed a profit of Dhs4.6 billion after its revenues increased by 7% to Dhs88.8 billion, while ground-handling arm Dnata made a profit of Dhs906 million.
Over the year Emirates transported 49.3 million passengers, up 11%, with an improved seat load factor of 79.6%. Premium and overall seat factor for its Airbus A380 fleet "outperformed the network", says the company, "underscoring the popularity of Emirates' premium and A380 product among passengers".
Emirates has 60 A380s in its fleet. In the last financial year it received 12 of the type among a total of 24 new aircraft which included 10 Boeing 777-300ERs and two 777 freighters.
Source: Cirium Dashboard
