The Emirates Group has reported a $1.1 billion profit for the 2013-14 financial year, an increase of 13 per cent from the previous period.
The Dubai-based company said despite "competitive pressure" and a "global economic environment that is only just recovering", it was still able to post a healthy profit.
Emirates airline recorded an $887 million profit for 2013-14 year, an increase of 43 percent from last year’s results and a profit margin of 3.9 per cent. The airline’s results also showed it carried a record 44.5 million passengers, up 13 percent from last year.
Emirates also improved its premium seat factor despite “lingering economic uncertainty and strong competition in many markets”.
Emirates’ fuel bill over the year rose 10 percent to $8.4 billion. The group’s cash balance decreased by 29.6 percent to $5.2 billion, and its staff numbers increased by 11.2 percent to 75,496.
Emirates airline and group CEO Sheikh Ahmed bin Saeed Al Maktoum, said: “We know that to be a sustainable and profitable business we have to keep adding value to our stakeholders, our customers, partners and employees.
“To do this, we need efficient new aircraft, quality products and services, and cutting-edge facilities. Every dirham invested has been carefully considered against short and long-term goals - be it enhancing our capabilities, improving our product, or expanding our business footprint.”
In April Dubai International airport announced it would shut runways for 80-days from May to July for essential maintenance - Sheikh Ahmed said this would be a key challenge for 2014, and while supported by Emirates, he estimated it would cost the airline $272 million in lost revenue.
Emirates confirmed for 2013-14 it received 24 new aircraft during the year, including 16 A380s, six Boeing 777-300 and two Boeing 777, bringing its total fleet count to 217.