(MENAFN - Khaleej Times) Despite competitive pressure and a global economic environment that is only slowly recovering the group finished the year in a strong position.
emirates group which owns emirates airline and travel agency dnata on thursday announced its 26th consecutive year of profit at dh4.1 billion showing a 32 per cent growth over previous year and company wide growth.
despite competitive pressure and a global economic environment that is only slowly recovering the group finished the year in a strong position according to the company.
the financial year ending march 31 2014 also marked an unprecedented level of investment across the group continued expansion of its global footprint and the achievement of new capacity milestones.
“achieving our 26th consecutive year of profit in a financial year marked by record increases in capacity and significant business investments across the group is testimony to the strength of our brands and our business fundamentals” said shaikh ahmed bin saeed al maktoum chairman and chief executive emirates airline and group.
the group’s revenue jumped by 13 per cent to dh87.8 billion compared to financial year 2012-13. the group’s cash balance declined by 29.6 per cent to dh19 billion.
“our cash …. is lower than last year but healthy to go further” shaikh ahmed explained.
“throughout 2013-14 the group has collectively invested over dh22 billion the highest amount ever in one financial year. we know that to be a sustainable and profitable business we have to keep adding value to our stakeholders our customers partners and employees. to do this we need efficient new aircraft quality products and services and cutting-edge facilities. every dirham invested has been carefully considered against short and long-term goals — be it enhancing our capabilities improving our product or expanding our business footprint” he told reporters. the group also continued to invest in and expand on its employee base increasing its overall staff count by 11 per cent to over 75000-strong representing over 160 different nationalities across its more than 80 subsidiaries and companies. revenue per airline employee increased by four per cent to dh1.9 million.
“we are moving into the new financial year with confidence and a strong foundation for continued profitability with our strong balance sheet solid track record diverse global portfolio and international talent pool” said shaikh ahmed. “operating in a dynamic and highly-competitive environment means we have to stay agile and work even harder to meet and exceed our customers’ expectations. with the help of our 75000 strong multicultural workforce we have no doubt that we will be able to capitalise on the opportunities in the year ahead.”
similar to the last financial year the group declared a dividend of dh1 billion to the investment corporation of dubai.
defying the industry trend the 2013-14 financial year has been a strong one for emirates skycargo who for the first time reported a revenue over 3 billion to reach dh11.3 billion mark a 9 per cent increase over last year.
contributing 15 per cent of the airline’s total transport revenue emirates skycargo continues to play an integral role in the company’s expanding operations.
emirates skycargo’s tonnage strongly increased by 8 per cent to reach a remarkable 2.3 million tonnes in a flat and challenging airfreight market highlighting its ability to grow revenues against the industry norm. this year freight yield per freight tonne kilometre (ftkm) decreased by one per cent.
at the end of the financial year the emirates skycargo freighter fleet had grown to 12 aircraft – ten on operating lease and two on wet lease.
emirates’ destination and leisure management including hotels recorded revenue of dh623 million an impressive increase of 35 per cent over last year. this positive development was supported by the first full year of operation of the jw marriott marquis hotel in dubai the world’s tallest hotel. the second tower of the hotel will be fully operational later this year.