Emirates Group makes Dh5.5b in 2014-2015 financial year

Company posts its second most profitable year in 30-year history

Emirates Group reported yesterday its second highest profit ever of Dh5.5 billion ($1.5 billion) for its financial year that ended March 31, 34 per cent more than the Dh4.1 billion it reported a year ago.

Revenue was a whopping Dh96.5 billion, 10 per cent more than the Dh87.5 billion from a year ago, Shaikh Ahmad Bin Saeed Al Maktoum, President of Dubai Civil Aviation and Chairman and Chief Executive of Emirates airline and Group, announced at Emirates headquarters.

Emirates Group will pay the government of Dubai a Dh2.6 billion dividend through its sole shareholder, Dubai sovereign wealth fund, the Investment Corporation of Dubai, Shaikh Ahmad said.

Emirates President Tim Clark said on Tuesday that this year would be the company’s second most profitable year, with 20102011 financial year being its most profitable.

At the time, the group made Dh5.9 billion and the airline made Dh5.4 billion.

Profit and revenue in its last fiscal year were largely driven by Emirates airline, the world’s largest carrier by international passenger traffic, as it made Dh4.6 billion in profit, a 40 per cent year-on-year increase. Revenue climbed 7 per cent to Dh88.8 billion.

dnata

Dnata, which made a number of acquisitions in the travel industry over the last fiscal year, made Dh906 million in profit, 9 per cent more than the Dh829 million it reported a year ago.

Revenue was Dh10.3 billion, crossing Dh10 billion for the first time, a 36 per cent increase over the Dh7.6 billion in 2013-2014. Total transaction value from the travel services division stood at Dh9.8 billion, up 66 per cent compared to the Dh5.9 billion in transactions a year ago.

Dnata’s international airport operations saw revenue grow 16 per cent to Dh1.6 billion. The entire international business now accounts for more than 60 per cent of its revenue, Shaikh Ahmad said.

Revenue from dnata’s UAE airport operations, which include aircraft and cargo handling at Dubai International and Al Maktoum International at Dubai World Central (DWC), increased 5 per cent to Dh2.5 billion.

The 80-day runway refurbishment closure at Dubai International last summer cost dnata an estimated Dh113 million in revenue.

Dnata handled 188,752 aircraft in the UAE, a 2 per cent increase, and it handled 7 per cent less cargo, of 734,000 tonnes. DWC now accounts for 36 per cent of the company’s cargo handling operations in Dubai.

Emirates hotels, which includes the JW Marriott Marquis Hotel in Dubai, recorded a revenue of Dh693 million, a 23 per cent year-on-year increase.