Emirates Group reports record profits in FY2016

Emirates Group revenue down 3% - financial highlights for 12 months ended 31-Mar-2016:

• Revenue: AED92,896 million (USD25,287 million), -3.3% year-on-year;
• • Emirates: AED85,044 million (USD23,149 million), -4.3%;
  • • Passenger: AED68,029 million (USD18,518 million), -2.8%;
    • Cargo: AED11,140 million (USD3032 million), -9.4%;
    • Excess baggage: AED413 million (USD112.4 million), -5.3%;
  • dnata: AED10,630 million (USD2894 million), +16.0%;
• Operating costs:
• • Emirates: AED76,714 million (USD20,882 million), -7.5%;
  • • Fuel: AED19,731 million (USD5371 million), -31.2%;
    • Labour: AED12,452 million (USD3390 million), +5.1%;
• Operating profit: AED9391 million (USD2556 million), +36.1%;
• • Emirates: AED8330 million (USD2268 million), +41.4%;
  • dnata: AED1061 million (USD288.8 million), +5.6%;
• Net profit: AED8179 million (USD2226 million), +49.8%;
• Emirates operating data:
• • Passenger numbers: 51.9 million, +7.7%;
  • Passenger load factor: 76.5%, -3.1 ppts;
  • Cargo volume: 2.5 million tonnes, +5.6%;
• dnata operating data:
• • Aircraft handled: 389,412, +30.5%;
  • Cargo volume: 2.1 million tonnes, +23.0%;
  • Meals uplifted: 57.1 million, -1.1%;
• Total assets:
• • Emirates: AED119,179 million (USD32,441 million);
  • dnata: AED10,978 million (USD2988 million);
• Cash:
• • Emirates: AED19,988 million (USD5441 million;
  • dnata: AED3465 million (USD943.2 million);
• Total liabilities:
• • Emirates: AED86,800 million (USD23,600 million). [more - original PR]

*Based on the average conversion rate at AED1 = USD0.272203

Emirates: "Looking at the year ahead, we expect that the low oil prices will continue to be a double-edged sword - a boon for our operating costs, but a bane for global business and consumer confidence. The strong US dollar against major currencies will remain a challenge, as will the looming threat of protectionism in some countries. However, we enter the new financial year with confidence, backed by a robust balance sheet, solid track record, diverse global portfolio, and international talent pool. We will continue to evolve and grow our business profitably, and work even harder to meet and exceed our customers' expectations," Sheikh Ahmed bin Saeed Al Maktoum, Chairman and CEO. Source: Company statement, 10-May-2016.