Dubai: Emirates Airline saw its profit more than double in 2017, reporting on Wednesday Dh2.8 billion in profits for the year, up from Dh1.3 billion in 2016.
The Dubai-based carrier’s revenues rose by 9 per cent year-on-year to reach Dh92.3 billion for the financial year ending March 2017, supported by strong cargo performance. Emirates Airline carried 58.5 million passengers during the year, a 4 per cent increase over passenger figures in 2016.
Shaikh Ahmad Bin Saeed Al Maktoum, chairman and chief executive officer of Emirates Airline and Group, and President of the Dubai Civil Aviation Authority, attributed the jump to a number of measures including cost-cutting and increasing efficiency, as well as synergy benefits from the partnership with flydubai.
Meanwhile, Emirates Group, of which the airline is a unit, reported Dh4.1 billion in profits for the year, up 67 per cent year-on-year, as revenues rose by 8 per cent to reach Dh102.4 billion.
Emirates Group declared a dividend of Dh2 billion to the Investment Corporation of Dubai. The Group last year paid no dividends to the Corporation, attributing that to challenges in the business climate.
Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, congratulated Emirates on its results, tweeting the group’s and the airline’s earnings, and adding, “[Emirates is] a pride for the nation, behind which there are capable men. It’s a success story to be told to generations to come. Well done.”