Dubai’s Emirates net income jumps 34% to USD 845mn in FY 2012

By bne IntelliNews May 9, 2013

Dubai’s Emirates Group - an aviation holding that includes flag carrier Emirates Airline, saw its net profit climbing 34% to AED 3.1bn (USD 845mn) in FY 2012, which ended on March 31, despite rising fuel costs, the group said on May 9.

The reading, which is reportedly Emirates’ 25th straight-year positive result, was bolstered by a 17% growth in total revenue to AED 77.5bn and the introduction of ten new destinations. The group’s cash balance grew by 53% to AED 27bn over the period.

The Emirates added 34 new planes to its fleet in the year, including 10 double-decker Airbus 380s. It also accommodated 39.4mn passengers, recording a 16% growth. The current FY will again be more profitable than the previous one, chairman Sheikh Ahmed bin Saeed Al Maktoum said.

Net income at the Emirates' main airline division jumped 52% to AED 2.3bn in the FY 12, while its Dnata ground-handling unit posted a record profit of AED 819mn, the company noted. Fuel costs rose 15% to AED 27.9bn.

Despite a difficult operating environment, the Emirates Group has expanded its employee base by 12% y/y to 68,000, it said.

The Emirates' financial performance is also being boosted by a record passenger traffic at the Dubai Airport. The latter accommodated 16.4mn passengers in Q1, up 16% y/y. Dubai counts on tourism, trade and manufacturing to help it achieve a 4.5% GDP growth in 2013, according to government forecasts. 

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