Emirates profit rises 50 per cent as oil price decline saves Dubai airline Dh9bn

Emirates, Dubai’s flagship airline, reported record annual net profit, but warned that a stronger dollar and low oil prices will continue to be a challenge for the coming period.

Emirates, one of the world’s largest airlines in terms of passengers, said that net profit rose 56 per cent to Dh7.1 billion for the financial year ending March 31. Revenue for the period was down 4 per cent at Dh85bn, Sheikh Ahmed bin Saeed, the Emirates chairman and chief executive, said at a news conference in Dubai.

The company saved Dh9bn as oil prices declined, while the strong dollar impacted revenue by Dh6bn, he added.

The wider Emirates Group, which includes the airline services arm Dnata, said that net profit rose 50 per cent to Dh8.2bn.

Emirates flew 51.9 million passengers during the year, up from about 48.1 million passengers a year ago.

Dubai International airport, home to Emirates, last year ranked third in terms of the world’s busiest airports, after it carried 78 million passengers. The airport is also the world’s largest in terms of international passengers.

Last month, Sheikh Ahmed urged Airbus to push its sales team harder to find more customers for the world’s largest passenger aircraft, the A380.

Emirates is the biggest operator of the A380, with 75 aircraft in service and 65 on order. The carrier in April ordered two additional A380s, despite uncertainty around the future for the superjumbo programme.

selgazzar@thenaional.ae

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