The Emirates Group today announced its 27th consecutive year of profit and steady growth across the company.
The Emirates Group posted an AED 5.5 billion ($1.5 billion) profit, up 34% from last year.
"2014-15 was a turbulent year for aviation. The fall in oil prices provided cost relief in the second half of our financial year, however it did not offset the hit to our profitability caused by significant currency fluctuations, nor the hit to our revenue from operational adjustments in addressing the Ebola outbreak, armed conflicts in several regions, and the 80-day runway upgrading works at Dubai International airport (DXB). Achieving our 27th consecutive year of profit and one of our best performances to date, is testimony to the strength of our brands and business fundamentals, as well as the dedication and talent of our workforce," said Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group.
"Every year brings a new set of challenges. In addressing these, we are always guided by the best interest of our people, our customers, and our long-term goals. As a Group, we keep a close eye on our top and bottom lines, but we never take our foot off the gas pedal when it comes to investing to enhance our business performance, and looking after our people. In 2014-15, the Group collectively invested over AED 20.2 billion ($5.5 billion) in new aircraft and equipment, modern facilities, the latest technologies, and staff initiatives. This was the second highest amount ever in one financial year after last year's record investment."
The Group's employee base increased by 11% to over 84,000-strong representing over 160 different nationalities.
"Looking ahead, the ongoing uncertainty for many currencies and economic markets around the world will continue to pose a challenge, as will the looming threat of protectionism in some countries. However, we move into the new financial year with confidence, and a strong foundation for continued profitability with our strong balance sheet, solid track record, diverse global portfolio, and international talent pool," said Sheikh Ahmed. "We will continue on our journey of steady and rational growth, and work even harder to meet and exceed our customers' expectations."
In line with the overall profit increase, the Group declared a dividend of AED 2.6 billion ($700 million) to the Investment Corporation of Dubai.
Emirates performance
In 2014-15, Emirates increased capacity by 4.0 billion Available Tonne Kilometres (ATKMs). For the first time in the airline's history, Emirates' total passenger and cargo capacity crossed the 50 billion mark, to 50.8 billion ATKMs at the end of the financial year, cementing its position as the world's largest international airline....
Emirates received 24 new aircraft during the year, including 12 A380s, ten Boeing 777-300ERs and two Boeing 777Fs, bringing its total fleet count to 231. At 31 March 2015, Emirates had 59 A380 aircraft in its fleet, serving one out of every four destinations on its passenger network.
Emirates launched five new passenger destinations: Abuja, Brussels, Budapest, Chicago, Oslo and four new additional freighter-only destinations: Atlanta, Basel, Mexico City, and Ouagadougou. It also added services and capacity to 34 cities on its route network.
Despite various challenges including the 80-day runway closure at DXB and suspension of services due to geopolitics in conflict zones, Emirates revenue reached a new record of AED 88.8 billion (US$ 24.2 billion).
The airline recorded a profit of AED 4.6 billion ($1.2 billion), an increase of 40% over the previous year's results.
Emirates carried a record 49.3 million passengers, up 11% from last year via efficient routings through its Dubai hub.
Emirates SkyCargo's tonnage strongly increased by 6% to reach 2.4 million tonnes. At the end of the financial year, Emirates SkyCargo freighter fleet had grown to 14 aircraft - 12 Boeing 777Fs, and 2 Boeing 747-400Fs.
The full 2014-15 Annual Report of the Emirates Group - comprising Emirates, dnata and their subsidiaries - is available at: www.theemiratesgroup.com/annualreport