Emirates’ profit surges 40pc to record US$ 1.2 billion
Dubai : Emirates Airlines a major subsidiary of Dubai based Emirates Group, make a record profit of US$ 1.2 billion, during the financial year ending March 31, 2015, recording 40 per cent growth over the previous year. Revenue of the airline also increased by 7 per cent to US$ 24.2 billion.
Emirates Group itself recorded profit for the consecutive 27th year end during the year 2014-15, recorded a profit of US$ 1.5 billion, 34 per cent higher than in the previous year and second highest in the Group’s history. The Group earned a revenue of US$ 26.3 billion, 10 per cent higher than in the previous year. During the year the Group made a new investment amounting U$$ 5.5 billion.
Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group on Mar 7, 2015, in Dubai announced The Emirates Group Annual Results 2014-15.
“2014-15 was a turbulent year for aviation. The fall in oil prices provided cost relief in the second half of our financial year, however, it did not offset the hit to our profitability caused by significant currency fluctuations, nor the hit to our revenue from operational adjustments in addressing the Ebola outbreak, armed conflicts in several regions, and the 80-day runway upgrading works at Dubai International airport (DXB). Achieving our 27th consecutive year of profit and one of our best performances to date, is testimony to the strength of our brands and business fundamentals, as well as the dedication and talent of our workforce,” said Sheikh Ahmed bin Saeed Al Maktoum.
During the year, Emirates airline carried record 49.3 million passengers which is 11 per cent higher compared to the previous year. Passenger Seat Factor was 76.9 per cent.
The airline received 24 new aircraft during the year, including 12 A380s, ten Boeing B777-300ERs and two Boeing B777Fs, bringing its total fleet count to 231. At the same time 10 aircraft were phased out, taking the average fleet age to 75 months or approximately half the industry average of 140 months.
With the delivery of new aircraft, Emirates launched five new passenger destinations: Abuja, Brussels, Budapest, Chicago, Oslo and four new additional freighter-only destinations: Atlanta, Basel, Mexico City, and Ouagadougou. It also added services and capacity to 34 cities on its existing route network.
Under pressure from the weakening of all major currencies against the US$, passenger yield dropped to 29.7 fils (8.1 US cents) per Revenue Passenger Kilometre (RPKM).
Emirates invested over US$ 20 million last year to equip its fleet with free Wi-Fi. By March 31, 2015, 107 of its A380 and Boeing B777 aircraft offered Wi-Fi services. The airline also opened new dedicated airport lounges in Glasgow and Los Angeles, taking to 37 the number of dedicated Emirates Lounges across the world.
Freighter Division of the Airline – Emirates SkyCargo earned revenue of US$ 3.4 billion, 9 per cent higher than in the previous year. Emirates SkyCargo’s tonnage strongly increased by 6 per cent to reach 2.4 million tonnes in an airfreight market that remained challenging with fast-changing demand patterns.
On May 1, 2014, Emirates SkyCargo marked a major milestone with the move of its freighter operations to its new cargo terminal at Dubai World Central’s Al Maktoum International airport (DWC). Capable of handling 700,000 tonnes of cargo annually. At the end of the financial year, the Emirates SkyCargo freighter fleet had grown to 14 aircraft – 12 Boeing B777Fs, and 2 Boeing B747-400Fs.
Emirates Hotel’s revenue during the 2014-15, increased by 23 per cent and reached US$ 180 million.
Emirates Group comprises over 80 subsidiaries including Emirates Airline and DNATA. During the last year, the Group’s employee base across its subsidiaries and companies increased by 11 per cent to over 84,000-strong representing over 160 different nationalities.
