Emirates reports record financial figures

Emirates reports record financial figures

The Emirates Group has announced its half-year results for 2015-16, showing continued business growth and a strong performance.

Group revenue reached AED 46.1 billion (US$ 12.6 billion) for the first six months of its 2015-16 financial year, down 2.3 per cent from AED 47.2 billion (US$ 12.9 billion) during the same period last year, reflecting the impact of the strong US dollar against major currencies.

However, the Group marked one of its best half-year profit performances ever, with net profit rising to AED 3.7 billion (US$ 1.0 billion), up 65 per cent over the last year’s results.

Emirates’ cash position on September 30th 2015 was at AED 14.8 billion (US$4.0 billion), compared to AED 20.0 billion (US$ 5.5 billion) as at March 2015.

This is due to ongoing investments mainly into new aircraft, airline related infrastructure projects, and business acquisitions.

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Ahmed bin Saeed Al Maktoum, chairman, Emirates Airline and Group, said: “Our top-line figures were hit hard by the strong US dollar against other major currencies.

“The currency exchange situation, combined with ongoing regional conflict and weak economic outlook in many parts of the world, dampened the positive impact of lower fuel prices during the first half of our 2015-16 financial year.

“However, we made a calculated decision not to hedge our fuel purchases, which paid off as fuel prices continued to soften.

“Emirates also made the decision to pass on savings from the lower fuel prices to our customers by cutting passenger fuel surcharges, and lowering fares across the network.”

In the past six months, the Group continued to develop and expand its employee base, increasing its overall staff count by four per cent to over 87,000 compared with March 2015.

Ahmed bin Saeed Al Maktoum added: “That the group is reporting one of its most profitable first half-year performances ever, speaks to the strength of our underlying business.

“In first six months of this year, Emirates and dnata grew in terms of capacity, capability and global reach - organically, and for dnata through strategic acquisitions as well.

“Looking ahead, we will continue to build on our core strengths by investing in new ways to improve efficiencies and deliver the best customer outcomes.

“At the same time, we will keep an eye out for strategic growth opportunities, and stay agile so that we can respond effectively to external challenges.”