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 by 23.5 per cent to a new high of UAE Dirhams 3.5 billion ($942 million) for the financial year ended 31 March 2007, while group revenue rose by an impressive 28.4 per cent to Dhs31.1 billion ($8.5 billion), compared to Dhs24.2 billion ($6.6 billion) last year. The group also maintained a robust cash balance of Dhs12.9 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 Dhs400 million ($109 million) to its owner, the government of Dubai. In total, the owner will have received Dhs1.8 billion ($505 million) from Emirates since the financial year 2000-01. In 2006-07, the Emirates Group estimates a direct contribution of Dhs14.5 billion ($4 billion), and another Dhs21.7 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 at a news conference held by chairman and chief executive, Emirates Airline and Group Sheikh Ahmed bin Saeed Al-Maktoum.

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.

Sheikh Ahmed said: “It has been another outstanding year of continued profitability and rapid growth. These results, against a backdrop of rising costs and significant aircraft delivery delays, which have impacted on our capacity growth, demonstrate our ability to adapt and knuckle down to the challenge.”