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

Emirates Group post its second most profitable year in its 30-year history

Dubai: Emirates Group reported on Thursday its second highest profit ever of Dh5.5 billion ($1.5 billion) for its financial year that ended March 31, 2015, 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, had said on Tuesday that this year would be the company’s second most profitable year, with FY 2010-2011 being its most profitable year, when 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 seating capacity, 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 mark for the first time, a 36 per cent increase on the Dh7.6 billion from 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 business, which saw revenue grow 16 per cent to Dh1.6 billion, 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 revenue of Dh693 million, representing a 23 per cent year-on-year increase.