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. 

Related Articles

Ankara and Tehran join wave of anger directed at Trump’s recognition of Jerusalem as Israel’s capital

US President Donald Trump's December 6 announcement that his administration has decided to unilaterally recognise Jerusalem as Israel's capital was described as “against international law” by ... more

Islamic State is finished declares Iran's President Rouhani

Iranian President Hassan Rouhani on November 21 declared the end of the so-called Islamic State militant and terrorist group following decisive battles in Iraq and Syria. Stating that he wished to ... more

Turkey the loser as Baghdad rewards Iran with control of Kurdish oil exports

Iran is taking control of oil exports from Iraqi Kurdistan's giant Kirkuk field with Baghdad authorising the move as a reward for the Iranians' help in quelling the Kurds' late September push for ... more