Dubai’s Emirates Group reports 34% rise in profits to $1.5bn
Dubai’s Emirates Group, the parent company of the Dubai International Airport-based airline, today announced its latest financial results, recording a 34 percent rise in annual profit to $1.5 billion, its second most profitable year ever since it was founded 30 years ago.
Speaking at Arabian Travel Market this week, the carrier’s president Sir Tim Clark said the company benefited from new route launches, strong performance from European markets – despite the Eurozone turmoil – and refraining from its past practice of oil price hedging.
However, tapping into the Asian markets, where it performed less well than Europe and the Middle East, had been “a bit of a fight” last year, he added.
The group’s chairman and chief executive Sheikh Ahmed bin Saeed Al Maktoum told a news conference lower oil prices had saved the airline around AED2 billion ($544 million) during the financial year.
Here is a summary of the results as they are emerging from Emirates HQ:
– Emirates Group revenue reaches $26.3 billion, an increase of 10 percent over last year.
– Emirates Group records second highest profit ever at $1.5 billion, up 34 percent from last year.
– Emirates Group declares $700 million dividend to Investment Corporation of Dubai.
– In 2014-15, Emirates Group invested over $5.5 billion in fleet, facilities, technology & people.
– Emirates Airline makes $1.2 billion in profit, as revenue increases 7 percent to a record $24.2 billion.
– Emirates received 24 new aircraft during the financial year, with fleet count at 231.
– Emirates carried a record 49.3 million passengers, up 11 percent from last year, with 79.6 percent seat factor.
– Emirates’ chairman HH Sheikh Ahmed attributes performance to strength of Emirates Group brands & dedicated staff.