The Emirates Group has announced its half-year results for 2015-16, showing continued business growth and a strong performance.
The Emirates Group revenue reached AED 46.1 billion (US$ 12.6 billion) for the first six months of its 2015-16 financial year, down 2.3 percent from AED 47.2 billion (US$ 12.9 billion) during the same period last year, reflecting the impact of the strong US dollar against major currencies.
The Group marked one of its best half-year profit performances ever, with net profit rising to AED 3.7 billion (US$ 1.0 billion), up 65 percent over the last year’s results.
The Group’s cash position on 30th September 2015 was at AED 14.8 billion (US$4.0 billion), compared to AED 20.0 billion (US$ 5.5 billion) as at 31st March 2015. This is due to ongoing investments mainly into new aircraft, airline related infrastructure projects, and business acquisitions.
His Highness (HH) Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group, said: “Our top-line figures were hit hard by the strong US dollar against other major currencies.
The currency exchange situation, combined with ongoing regional conflict and weak economic outlook in many parts of the world, dampened the positive impact of lower fuel prices during the first half of our 2015-16 financial year.
However, we made a calculated decision not to hedge our fuel purchases, which paid off as fuel prices continued to soften. Emirates also made the decision to pass on savings from the lower fuel prices to our customers by cutting passenger fuel surcharges, and lowering fares across the network.”
In the past six months, the Group continued to develop and expand its employee base, increasing its overall staff count by 4 percent to over 87,000 compared with 31st March 2015.
In the first half of the 2015-16 financial year, Emirates net profit is AED 3.1 billion (US$ 849 million), up 65 percent from the same period last year.
Emirates revenue, including other operating income, of AED 42.3 billion (US$ 11.5 billion) was slightly down by 4 percent compared with AED 44.2 billion (US$ 12.0 billion) recorded last year.
Meanwhile dnata continued to grow its international business footprint, investing in infrastructure and operations which now span 74 countries. In the first half of 2015-16, dnata’s international operations accounted for over 67 perccent of its total revenue.
dnata’s revenue, including other operating income, is AED 5.2 billion (US$ 1.4 billion), a strong 27 percent increase compared to AED 4.1 billion (US$ 1.1 billion) last year. Overall profit for dnata increased by 64 percent to AED 557 million (US$ 152 million).
dnata’s airport operations remained the largest contributor to revenue with AED 2.4 billion (US$ 645 million), a 21 percent increase compared to the same period last year.
Across its operations, the number of aircraft handled by dnata increased by 21percent t percent 169,951, and it handled 917,065 tonnes of cargo, and increase of 10 percent over last year.
dnata’s flight catering operation, contributed AED 0.9 billion (US$ 257 million) to its total revenue, down 8 percent. The number of meals uplifted was at 32.7 million meals for the first half of the financial year, up 4 percent compared to last year’s figure of 31.4m.