BUSINESS INSIGHT

21 billion dirhams, up 6 percent, and around 25 percent of total costs.

Emirates received 35 new aircraft, its highest number during a financial year, comprising of 19 A380s and 16 Boeing 777300ERs. At the same time, 27 older aircraft were phased out, bringing its total fleet count to 259 by the end of March. This fleet rollover involving 62 aircraft was the largest program it has ever managed in a year, and it brought the average fleet age down significantly to 63 months, compared with 74 months last year, and against an industry average of 140 months.

Dnata achieved record revenue of 12.2 billion dirhams, some two-thirds of it from overseas. It expanded its global footprint with ground handling acquisitions in the Americas, as well as new facilities and service capabilities across its airport, cargo, catering, and travel services divisions.

Sheikh Ahmed said: “We remain optimistic for the future of our industry, although we expect the year ahead to remain challenging with hyper competition squeezing airline yields, and volatility in many markets impacting travel flows and demand.

“Emirates and Dnata will stay attuned to the events and trends that impact our business, so that we can respond quickly to opportunities and challenges. We will also progress on our digital transformation journey. We are redesigning every aspect of how we do business, powered by an entirely new suite of technologies. Our aim is to deliver more personalized customer experiences, and seamless customer journeys, and make our operations and back-office functions even more efficient,” he added.

Emirates invested 13.7 billion dirhams in new aircraft and equipment, the acquisition of companies, modern facilities, the latest technologies, and staff initiatives, he added.