Emirates' profits hit new high on sustained double digit growth

The Emirates Group reported its 19th consecutive year of profit with a new record performance backed by continued double-digit growth.

Group net profits increased 23.5 per cent to a new high of UAE Dirhams 3.5 billion (US $942 million) for the financial year ended March 31, 2007, while Group revenue increased by an impressive 28.4 per cent to Dhs 31.1 billion ($8.5 billion), compared to Dhs 24.2 billion ($6.6 billion) last year. The Group also maintained a robust cash balance of Dhs 12.9 billion ($3.5 billion) at the end of March, an improvement of 17.8 per cent against a year earlier.

Emirates will pay a dividend of Dhs 400 million ($109 million) to its owner, the Government of Dubai. In total, the ownership will have received Dhs 1.8 billion ($505 million) from Emirates since the financial year 2000-01.

In 2006-07, the Emirates Group estimates a direct contribution of Dhs 14.5 billion ($4 billion), and another Dhs 21.7 billion ($5.9 billion) in indirect contribution to the Dubai economy.

The 2006-07 Annual Report of the Emirates Group - comprising Emirates Airline, Dnata and subsidiary companies - was released in Dubai on Thursday at a news conference hosted by Sheikh Ahmed bin Saeed Al-Maktoum, Chairman and Chief Executive, Emirates Airline and Group.

The Group's latest record performance, backed by double-digit profit and revenue growth, reflects its success in growing demand for its services, and its ability to attract more premium customers through its multi-million dollar investments in product innovations and service enhancements.

This is illustrated by the three million more passengers who flew Emirates in the latest financial year, for a new record total of 17.5 million.