Emirates Group achieves record profit of $1.6bn in 2010-11
The Emirates Group has marked its 23rd consecutive year of profit with a record performance of AED 5.9 billion (US$ 1.6 billion) net profit, despite a challenging business climate. The 2010-11 Annual Report of the Emirates Group - comprising Emirates Airline, Dnata and their subsidiary companies – was released in Dubai today at a news conference hosted by His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group.
“This year’s record results represent our drive to push the boundaries of aviation, questioning the norms and advocating for open and fair competition. 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,” said Sheikh Ahmed.
In the face of many challenges, both political and environmental, the Group’s revenue increased by 26.4 percent reaching a remarkable new level at AED 57.4 billion (US$ 15.6 billion). Strong revenue has been the main driver for the Group’s record financial performance. The Group’s cash balance rose substantially to hit a record high at AED 16 billion (US$ 4.4 billion).
The Group’s exceptional performance this year owes much to its dexterity and ability to adapt to changing market conditions quickly. In the first six months Emirates was able to capitalise on strong market demand thanks to its superior network and world-class product.
“A clear indication of our strength, this year’s financial result represents the tireless work of our 57,000 strong workforce. Operating without subsidy and through a well thought out business model we have, as a team, been able to confront adversity on many levels,” added Sheikh Ahmed.
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