The company behind Emirates airline has posted its 28th consecutive year of profit.
The Emirates Group, which also encompasses airport services business Dnata and other subsidiaries including hotels, posted a 50 per cent surge in profits to a record $2.2 billion for the 12 months to end of March.
The group’s chief executive said the results were impressive especially against an “uncertain global economic environment”.
“Emirates and Dnata delivered record profits, solid business results and continued to grow throughout 2015-16,” said Sheikh Al Maktoum.
“Against an unfavourable currency situation which eroded our revenues and profits, as well as ongoing socio-political instability in many regions around the world, the Group’s performance is testament to the success of our business model and strategies,” he added.
The airline reported a cut in its operating costs of 8 per cent with its bottom line also helped by the continued low cost of oil. Fuel is now 26 per cent of Emirates’ operating cost, compared to 35 per cent in 2014-15 – its strongest margin since 2010-11.
Passenger numbers jumped 8 per cent to a record 51.9 million with a passenger seat factor of 76.5 per cent.
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