On May 8, the Emirates Group announced its 26th consecutive year of profit and company-wide growth, saying it ended the year in a: “strong position despite competitive pressure and a global economic environment that is only slowly recovering.” A company statement for the financial year ending March 31, 2014, said the figures also showed an unprecedented level of investment across the Group, continued expansion of its global footprint, and the achievement of new capacity milestones.
Released in its 2013-14 Annual Report, the Emirates Group posted an AED 4.1 billion (US$ 1.1bn) profit, up 32% from last year. The Group’s revenue reached AED 87.8 billion (US$ 23.9bn), an increase of 13% over last year’s results, and the Group’s cash balance was described as remaining “strong” at AED 19.0 billion (US$ 5.2bn).
“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 His Highness (H H) Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group.
“Throughout 2013-14 the Group has collectively invested over AED 22.0 billion (US$ 6.0bn), 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.”
The Group says it also continued to invest in and expand on its employee base, increasing its overall staff count by 11% to over 75,000-strong representing over 160 different nationalities, across its more than 80 subsidiaries and companies. Revenue per airline employee increased by 4% to AED 1.9 million (US$ 0.5 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 Sheikh 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 75,000 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 AED1 billion (US$ 280m) to the Investment Corporation of Dubai.