Emirates Group posts new record profits
Released
on: May 13, 2008, 2:31 am
Press
Release Author: Emirates
Industry:
Consumer
Services
Press
Release Summary: The Emirates Group has reported its 20th consecutive
year of net profit, notching a new profit record despite soaring
oil prices and challenging business conditions
Press
Release Body: The Emirates Group has reported
its 20th consecutive year of net profit, notching a new profit
record despite soaring oil prices and challenging business conditions
in the second half of its 2007-08 fiscal year.
The
Emirates Group net profits increased 54.1% to AED
5.3 billion (US$ 1.45 billion) for the financial year ended 31st
March 2008, on revenues of AED 41.2 billion ($ 11.2 billion)
compared to the previous year’s AED 31.1 billion ($ 8.5
billion). The Group's net margin improved to 13.2% from 11.4%
in the previous year.
The
2007-08 Annual Report of the Emirates Group -
comprising Emirates
Airline, Dnata and subsidiary companies
- was released in Dubai at a news conference hosted by His
Highness Sheikh Ahmed bin Saeed Al-Maktoum, Chairman and Chief
Executive, Emirates Airline and Group.
The
Group’s latest record performance reflects its success in
growing customer demand through the strategic expansion of its
business operations across six continents, supported by ongoing
investments in the latest technology, products and customer service
while keeping a tight rein on costs. This is illustrated by the
21.2 million passengers who flew with Emirates
in the latest financial year, 3.7 million more than in the previous
year; as well as the expansion of Dnata’s international
ground handling operations to 17 airports in seven countries.
Sheikh
Ahmed said: “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 partly offset by other operating
gains."
He
continued, “Despite the long-term forecast of a decrease
in the number of passengers traveling in First and Business class,
I am happy to report that Emirates once again
bucked the trend and boosted our seat factor in the forward cabins.
Emirates is fortunate to be located in Dubai
at the centre of the new Silk Road between East and West. I believe
the threat of an economic downturn will be offset for
Emirates by the boom in the Middle East, especially the
thriving travel industry of tourism and commerce.”
Sheikh
Ahmed concluded: “The Group’s excellent
performance this year is very satisfactory. As with previous years,
we do not intend to rest on our laurels. We plan to secure our
future growth by investing in the latest technology and products,
so that we can continue to provide our customers with the high
quality experience that they have come to expect from us.”
Another
area of expansion for the group over the past 12 months was the
growth of the Emirates
Hotels & Resorts from its original Al Maha property
into a multi-property hotel operation with International Central
Reservations, a Corporate Sales and Business Development unit,
global online distribution systems and support services for the
design and development of its growing resort
portfolio.
In
all, the Emirates Group’s Facilities/Projects
Management department commissioned and opened AED 2.12 billion
($578 million) worth of new buildings during 2007-08, including
the impressive new Emirates Group Headquarters,
the Engineering Centre, Dnata Cargo’s Free Zone Logistics
Centre, The Harbour Hotel & Residence, and a new crew training
college. Projects currently in progress total AED 3.9 billion
($1.1 billion), including new buildings in Dubai such as the Destination
& Leisure Management Annexe, Emirates Call
Centre and staff accommodation at Ras Al Khor, Al Majan and Media
City.
As
of 31st March 2008, the Group employed 35,286 staff, representing
145 different nationalities. During the year, the Group hired
more than 7,000 people including 2,000 cabin crew and 400 new
flight deck crew.
Web
Site: http://www.emirates.com/
Contact
Details: Emirates Group PR contact:
Jonathan Hill
Emirates Corporate Communications
Emirates Headquarters
Near Clock Tower
Dubai
United Arab Emirates
(+9714) 203 2329
2009
