Emirates has done it again. Flying well above everyone’s expectations, the airline and Group yesterday announced record profits for the financial year ending March 31, 2016.
Reaping Dh7.1 billion in net profit, 56 per cent more than its previous year, is nothing short of a triumph for the airline, especially at a time when economic pressures and political flux (in some parts of the world) have been weighing heavily on the global aviation industry. The Group’s new record profit rested at Dh8.2 billion, up 50 per cent year on year. It was also its 28th consecutive year of profit. Previous highs for both the airline and group were recorded in the financial year 2010-11.
Sure enough, Emirates’ growth was supported by weak oil prices that have more than halved over the past two years. But what stands out is the resilience with which not just Emirates but all of the UAE’s airlines have been fighting the rough weather to emerge winners on the global map, year after year. Etihad Airways recently announced its strongest annual financial results to date, deriving a net profit of $103 million (Dh378.31 million) in 2015. And Air Arabia delivered net profit in 2015 of Dh531 million. This is when, globally, some major airlines have been struggling to survive.
Back home, Emirates’ growth is unstoppable. It has only been gaining impetus with all the new aircraft (including the A380 superjumbos) and routes on its radar. Emirates’ airline president Tim Clark said at the results conference yesterday that they will keep buying more A380s (with 77 already in operation and 65 on order), as well as mulling the introduction of a premium economy to its fleet.
Clearly, under the leadership of Shaikh Ahmad Bin Saeed Al Maktoum, President of Dubai Civil Aviation and Chairman and CEO of Emirates airline and Group, Emirates continues to touch new heights.
