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Carl Collen


Emirates announces further profitability

Dubai-based logistics group posts a net profit of over US$600m for 2011/12 despite 'unprecedented economic pressure'

Emirates announces further profitability

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The Emirates Group has today announced its twenty-fourth consecutive year of profit and company-wide growth amidst what it has called 'unprecedented economic pressure' and record high fuel prices.

The company, which is based in the United Arab Emirates, posted an AED2.3bn (US$629m) net profit for 2011/12, with revenue reached a record high by climbing to AED67.4bn (US$18.4bn), an increase of 17.8 percent on last year’s results.

"Achieving our twenty-fourth consecutive year of profit and maintaining an upward growth trajectory is an achievement that belies the industry norm," said His Highness Sheikh Ahmed bin Saeed Al Maktoum, chairman and CEO of Emirates Airline and Group.

"Throughout the 2011/12 financial year the Group has collectively invested close to AED14bn (US$3.8bn) in new products," he added. "This investment has garnered new customers and increased our international presence. Successful business growth is not a matter of luck, it is the result of sustained and calculated investment. Every dirham that we earn is strategically ploughed back into our business and it is this foresight that has allowed the Group to maintain such strong and consistent profitability."

Emirates SkyCargo, the group' freight division, enjoyed a positive year with revenues up 8.4 per cent year-on-year to AED9.5bn (US$2.6bn), boosted by freight tonnage and freight yield per freight tonne kilometre which grew 5.4 per cent.

With the bulk of the cargo industry reporting lower tonnage than in 2010/11, Emirates SkyCargo's tonnage increase of 1.7 per cent took it up to 1.8m tonnes.

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