Emirates Group Makes Profit

The Emirates Group has expanded and made profit for the 28^th consecutive year.

The airline is in a strong position despite global and operational challenges.

Emirates Group posted AED 8.2 billion ($ 2.2 billion) profit for the financial year ending 31 March 2016, up 50 percent from last year.

The Group's revenue reached AED 93 billion ($ 25.3 billion), a decrease of three percent over last year's results, and the Group's cash balance increased strongly to AED 23.5 billion ($ 6.4 billion).

His Highness (H.H.) Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group said: “Emirates and dnata delivered record profits, solid business results and continued to grow throughout 2015-16.

Against an unfavourable currency situation, which eroded our revenues and profits, an uncertain global economic environment dogged by weak consumer and investor sentiment, as well as ongoing socio-political instability in many regions around the world, the Group's performance is testament to the success of our business model and strategies.”

He said the airline's ongoing investments to develop its people and enhance business performance enabled them to react with agility to the new challenges and opportunities that every year brings.

In 2015-16, the Group collectively invested over AED 17.3 billion ($ 4.7 billion) in new aircraft and equipment, acquisition of companies, modern facilities, latest technologies and staff initiatives.

.
“Looking at the year ahead, we expect that the low oil prices will continue to be a double-edged sword – a boon for our operating costs, but a bane for global business and consumer confidence.

His Highness (H.H.) Sheikh Ahmed said the strong US dollar against major currencies will remain a challenge.

“We will continue to evolve and grow our business profitably, and work even hard to meet and exceed customers' expectations,” said Sheikh Ahmed.

By Jamila Akweley Okertchiri