Emirates Group announces record profits

The Emirates Group has released its 2015-16 annual report, announcing that the group posted an AED8.2 billion (US$2.2 billion) profit for the financial year ending 31st March, 2016, up 50% from last year. The group’s revenue reached AED93 billion (US$25.3 billion), a decrease of 3% over last year’s results, and the group’s cash balance increased strongly to AED23.5 billion (US$6.4 billion).

During the 2015-16 financial year, both Emirates and dnata achieved new capacity and profit milestones, as the group continued to expand its global footprint, and strengthen its business through strategic investments.

H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Civil Aviation Authority and Chairman and Chief Executive, Emirates Airline and Group, said, "Emirates and dnata delivered record profits, solid business results, and continued to grow throughout 2015-16. Against an unfavourable currency situation which eroded our revenues and profits, an uncertain global economic environment dogged by weak consumer and investor sentiment, as well as ongoing socio-political instability in many regions around the world, the group’s performance is testament to the success of our business model and strategies."

"Our ongoing investments to develop our people and to our enhance business performance enable us to react with agility to the new challenges and opportunities that every year brings. In 2015-16, the group collectively invested over AED17.3 billion (US$4.7 billion) in new aircraft and equipment, the acquisition of companies, modern facilities, the latest technologies, and staff initiatives. These will build on our strong foundations, extend our competitive edge, and accelerate our progress towards our long-term goals," he said.

Source :WAM