Emirates smashes previous profit record with $1.6bn results

The group - which includes Emirates Airline, dnata and other subsidiary companies – has achieved 23 consecutive years of profit and at this morning's news conference  in Dubai chairman and chief executive, Sheikh Ahmed bin Saeed Al Maktoum said: “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.” 
 
Figures released today show the Group’s revenue increased by 26.4 percent reaching US$ 15.6 billion. Strong revenue has been the main driver for the Group’s record financial performance, Sheikh Ahmed said. The Group’s cash balance rose substantially to hit a record high at $ 4.4 billion.
 
Analysts sgree that the performance owes much to Emirates ability to adapt to changing market conditions quickly.
 
During the year dnata forged forward with its international expansion through acquisition, taking ownership of Alpha Flight Group Ltd, a leading caterer with operations in 61 airports globally. By being open to new business opportunities and continually seeking growth dnata has now become the world’s fourth largest air services provider.
 
“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,” added Sheikh Ahmed.
 
"Customers’ continued preference for Emirates’ products has helped achieve sharp sales growth, record return for the financial year and the airline’s highest ever passenger numbers.
 
“Emirates continues to dismiss the perceived limitations of the aviation industry, advocating for an open skies environment that stimulates competition, an undeniable positive for the customer. The customer is at the heart of our operations, evident in the 31.4 million passengers that flew with us throughout the financial year, an increase of 14.5 percent or 4 million passengers on last year,” he said.
 
Sheikh Ahmed also warned that the group would not be lying down in the face of mounting pressure on competitiveness from airlines in North America and Europe.  “Looking ahead we have no plans to deviate from our proven strategy of investing in our business and focusing on core customer service. As we continue to grow, we are ambitious enough to believe that we can stimulate change in the aero political arena, for the benefit of the industry and the customers that it serves,”  Sheikh Ahmed said.