Emirates Group posts record 23rd consecutive annual profit

The Emirates Group has reported a record net profit of Arab Emirates Dirham (AED) 5.9 billion ($1.6 billion) for its fiscal year ended 31 March, up 42.9% over the prior fiscal. The revenues were up 26.4% over the previous fiscal, to AED57.38 billion ($15.61 billion).

The results mark the company's 23rd consecutive annual profit.

Emirates Airline was the major contributor to the bottom line with a net profit of AED5.37 billion ($1.46 billion) for FY2010-11, up 51.9% over net income of AED3.54 billion in FY2009-10. The airline unit's fiscal year revenue lifted 25% year-over-year to AED54.38 billion while expenses increased 22.7% to AED49.94 billion.

In addition to fuel, overall growth in staff numbers and a rise in direct operating costs, related to ground handling, inflight expenses and aircraft maintenance, contributed to the rise in costs.

Chairman and CEO Ahmed bin Saeed Al Maktoum said the strong result reinforced the airline's drive "to push the boundaries of aviation, questioning the norms and advocating for open and fair competition." He added, "Despite unforeseen challenges in the form of political instability and shocking natural disasters, we have managed, through sheer determination, nimbleness and quick thinking, to produce our best ever result."

EK's passenger capacity increased 13% compared to the prior fiscal year to 182.76 billion ASKs. Load factor was at 80%, while passenger yield increased 8.5%.