The Dubai-based Emirates Airlines Group this week announced its 24th consecutive year of profit and companywide growth saying this came in the midst of huge economic pressure and rising fuel prices.
The group's 2011-12 annual report said it posted a AED 2.3 billion (US$ 629million) net profit, with 'dnata' marking its highest ever profit in 52 years of operation. Group's revenue reached a record high, climbing to AED 67.4 billion (US$ 18.4 billion) an increase of 17.8 % on last year's results. The group's cash balance grew by 9.5 % reaching a strong AED 17.6 billion (US$ 4.8 billion), the company said in a media statement.
"Achieving our 24th consecutive year of profit and maintaining an upward growth trajectory is an achievement that belies the industry norm,' said Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group.
"Throughout the 2011-12 financial year the Group has collectively invested close to AED 14 billion (US$ 3.8 billion) in new products. This investment has garnered new customers and increased our international presence. Successful business growth is not a matter of luck, it is the result of sustained and calculated investment. Every dirham that we earn is strategically ploughed back into our business and it is this foresight that has allowed the Group to maintain such strong and consistent profitability."
During the year Emirates received 22 new aircraft, its highest in any single year, funded by a wide variety of financing structures. With an increased fleet, Emirates further invested in its network by adding 11 new destinations and increasing capacity to 34 cities, a record for the airline.