THE Emirates Group posted a Dh3.1 billion ($845 million) net profit for the 2012-1013 financial year, up 34 per cent from the previous financial year.
It was the 25th consecutive year of profit and growth, despite high fuel prices and a weak global economic environment, the group said in its 2012-13 annual report.
Revenues for the group – which includes Emirates airline, its dnata airport services unit and other subsidiaries – reached Dh77.5 billion ($21.1 billion), an increase of 17 per cent over the previous period while cash balance grew by 53 per cent reaching a solid Dh27.0 billion ($7.3 billion).
“Achieving our 25th consecutive year of profit with our largest ever increase in capacity across the network is an achievement that speaks to the strength of our brands and our leadership,” said Sheikh Ahmed bin Saeed Al Maktoum, chairman and chief executive, Emirates airline and group. “Throughout the 2012-13 financial year the group has invested over Dh13.8 billion ($3.8 billion) in new aircraft, products, services and handling facilities as well as the newly opened JW Marriott Marquis Hotel in Dubai, UAE. Every dirham that we earn is strategically placed back into our business and it is this tenacious approach that has allowed the group to maintain such strong and consistent profitability under challenging circumstances.”
Emirates airline’s revenue reached a record high of Dh73.1 billion ($ 19.9 billion) growing by 17 per cent when compared to the 2011-12 financial year while its profit at Dh2.3 billion ($622 million) represented an increase of 52 per cent. The year also saw Emirate’ receiving 34 new aircraft, the highest in any single year.
The airline’s other significant achievements included launching 10 new destinations, shipping more than two million tonnes of cargo for the first time and carrying an additional 5.4 million passengers over last year, the highest increase in a financial year.
With a further 198 aircraft on order worth over $71 billion, Emirates is set to continue to drive considerable economic growth in the countries that it serves.
Emirates received 34 new aircraft during the year including 20 Boeing 777-300ERs, 10 Airbus A380s and 4 Boeing 777LRFs compared with last year’s 22 aircraft.
With an increased fleet, Emirates launched 10 new destinations in 2012-13 including Ho Chi Minh City, Barcelona, Lisbon, Erbil, Washington, DC, Adelaide, Lyon, Phuket, Warsaw and Algiers.
For 2013-14, Emirates has to date announced four new routes: Haneda, Clark in the Philippines, Stockholm and Milan to New York.
New A380 destinations for the airline in 2012-13 included Amsterdam, Melbourne, Singapore and Moscow, bringing the total number of A380 destinations to 21.
In addition, a second A380 was deployed on the existing Paris and New York routes, making both now a double daily A380 service. Two of our aircraft to London Heathrow were also upgraded to A380s, making all five daily flights now A380s.
Emirates’ Destination and Leisure Management including hotels saw revenue of Dh460 million ($125 million), an increase of 15 per cent over last year. The positive development was supported by the opening of the JW Marriott Marquis, the world’s tallest hotel, at the end of 2012.
In the 53 years of dnata, 2012-13 has been its most successful yet, coming on the back of very strong results in 2011-12. With an increase of 15 per cent over last year, dnata grew its revenue to Dh6.6 billion ($1.8 billion).