The Emirates Group has posted a record profit increase of 248 per cent, an outstanding result in a year fraught with worldwide market instability and economic uncertainty.

The 2009-10 Annual Report of the Emirates Group 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.

In a difficult year the Group’s net profits increased 248 per cent to €867 million (US$ 1.1 billion) for the financial year ended 31 March 2010. Group revenue remained stable at €9.8 billion (US$ 12.4 billion), reflecting lower passenger and cargo yields offset by increased traffic. The Group profit margin improved to 9.1 per cent from 2.6 per cent a year earlier.

The Group’s cash balance grew to €2.7 billion (US$ 3.4 billion) at the end of March. This excellent result arrived after €733 million (US$ 931 million) of investments mainly in new aircraft, other aircraft-related equipment and dedicated lounges.

Emirates Airline’s revenues remained stable at €9.2 billion ($US 11.8 billion), an increase of 0.4 per cent from the previous year. Airline profits of €759 million (US$ 964 million) marked an increase of 416 per cent over 2008-09’s profits of €147 million (US$ 187 million).

Emirates’ operating costs in total decreased by 2.7 per cent compared with the previous year. This results in a significant unit cost improvement of 16.6 per cent and impressive productivity gain per employee.

In 2009-10, the airline’s passenger fleet expanded with the delivery of 15 new aircraft, four Airbus A380s, 10 Boeing 777-300ERs and one Boeing 777 freighter. At the end of the financial year, Emirates’ fleet reached 142 aircraft including four freighters.

During the year, the airline launched passenger services to three new destinations – Durban, Luanda and Tokyo – and increased frequencies onto existing routes in high-demand markets.

Emirates continued to enhance its products in the air and on the ground investing €61.4 million (US$ 78 million) in upgrading cabin interiors and the award winning in-flight entertainment system in a number of aircraft.

As of 31 March 2010, the Group and its subsidiaries employed 50,000 staff, representing 150 different nationalities. The full 2009-10 Annual Report of the Emirates Group – comprising Emirates Airline, Dnata and their subsidiary companies – is available on www.ekgroup.com/mediacentre.