Emirates posts 20th year of profit
With a full year net profit up 62 per cent for the financial year 2007, the Middle EastÂ¡Â¯s largest and most profitable carrier heads into the uncertain market environment full of optimism and without blinking on its continual growth focus.
June 1, 2008
By Donald Urquhart
Bucking a wide swath of airline industry trends, Emirates Airline recently posted its 20th straight year of profit, with its income for its full fiscal year ended 31 March totaling AED5 billion (US$1.36 billion), up 62 per cent over AED3.1 billion in the prior year, despite record oil prices which added US$500 million in extra fuel costs. The result also placed the carrier amongst the top-five most profitable airlines in the world.
The Emirates Group overall, meanwhile, reported a 54 per cent rise in net profit to AED5.3 billion (US$1.45 billion) for the financial year, with a net margin growing from 11.2 per cent last year to 13.2 per cent this year.
“It was another record year for the Group in spite of a challenging business climate, particularly in the second six months where the soaring cost of jet fuel made a big dent, although the impact was greatly off set by other operating gains,” chairman and CEO Ahmed bin Saeed Al-Maktoum told reporters at the carrier’s annual results briefing in Dubai recently.
SkyCargo does well
Emirates SkyCargo also turned in a set of equally impressive results, particularly considering the turbulent year it has been
for the air cargo industry as a result of the fuel prices, US slowdown which slowed the movement of cargo from China to the
US and bad weather affecting agricultural production in key producing markets.