The Emirates Group has today announced its 24th consecutive year of profit and companywide growth amidst unprecedented economic pressure and record high fuel prices.
Released today in the Group’s 2011-12 Annual Report the company posted a AED 2.3 billion (US$ 629 million) net profit, with dnata marking its highest ever profit in 52 years of operation. Despite fundamental challenges, the Group’s revenue reached a record high, climbing to AED 67.4 billion (US$ 18.4 billion) an increase of 17.8 percent on last year’s results. The Group’s cash balance grew by 9.5 percent reaching a strong AED 17.6 billion (US$ 4.8 billion).
“Achieving our 24th consecutive year of profit and maintaining an upward growth trajectory is an achievement that belies the industry norm,’ said His Highness (H.H) Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group.
During the year Emirates received a staggering 22 new aircraft, its highest in any single year, funded by a wide variety of financing structures. With an increased fleet, Emirates further invested in its network by adding 11 new destinations and increasing capacity to 34 cities, a record for the airline.
“Managing volatile exchange rates, coupled with our highest ever fuel bill has required immense tenacity. Retaining growth and remaining profitable in these challenging economic times shows our profound understanding of the markets that we do business in,” added Sheikh Ahmed.
Reaching a record profit, dnata stayed true to its proven acquisition strategy, gaining a majority stake in online travel agency, Travel Republic Ltd and a 50 percent interest in Wings Inflight Services in South Africa. Importantly the results for 2011-12 highlight that 55 percent of dnata’s revenue is derived from its international operations, an increase of 17 percentage points over last year
“In the last five years, Emirates’ capacity measured in Available Seat Kilometres, has increased by almost 100 percent facilitating new trade links and creating a new flow of passenger traffic. Being the first to capitalise on these new opportunities has allowed us to gain a distinct competitive advantage, one that we intend to maintain,” said Sheikh Ahmed.
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