The Hindu Business Line : Emirates Group nets record profit of Dhs 1.75 billion

This represents a 67 per cent improvement over last year's net profit. The 2003-04 Report and Accounts of the Dubai-based Emirates Group, which comprises Emirates Airline, Dnata and associated companies, were disclosed today by Sheikh Ahmed bin Saeed Al-Maktoum, Chairman of Emirates.

Emirates Airline carried 10.4 million passengers during the financial year, an increase of almost two million passengers or 23 per cent more than the year before. The airline's profit of Dhs 1.57 billion ($429 million) was 73.5 per cent better than last year's. Total revenue of the group also reached an all-time high of Dhs 14 billion ($3.8 billion), which is up 35.5 per cent from last year.

The Group's new best-ever annual results stem from growing customer preference for the airline and the products and services of its associated travel-related companies.

The ownership will be paid a dividend of Dhs 329 million ($90 million).

Emirates SkyCargo moved nearly 660 thousand tonnes in the year at an increase of 26 per cent, and the division's revenue rose 42 per cent to Dhs 2.4 billion ($659 million), thus contributing a record 20 per cent of the airline's transport turnover.

Dnata's profit of Dhs 174 million ($47 million) was 23 per cent better than last year, on turnover of Dhs 1.1 billion ($298 million), 14 per cent above the year before.

Cash balance for Emirates stood at a robust Dhs 6.4 billion ($1.8 billion) at the year's end, compared with Dhs 4.8 billion ($1.3 billion) the preceding year.

The Emirates Airline's fleet expanded by 15 aircraft in the last fiscal and presently stands at 67 — including five freighters — serving 75 destinations in 53 countries.

With 90 new aircraft in the pipeline, the airline is on course for a 130-plus fleet by 2012.