Chairman forecasts 15 per cent rise in Emirates profits

02 December 2002

Net profits at Dubai-based Emiratesshould show a year-on-year increase of 15 per cent by the end of the financial year, according to a report by Sheikh Ahmed bin Saeed al-Maktoum, president of Dubai Civil Aviation and Emirates chairman, published on 1 December. The report predicted a rise in profits to more than AED 700 million ($191 million) from last year's AED 611 million ($166 million). In November the company announced that its profits for the first half of 2002 had climbed 140 per cent (MEED 15:11:02). Assets stood at AED 13,000 million at the end of October.

Revealing some of the company's future expansion plans, Sheikh Maktoum said that the airline aimed to add seven new destinations to its current 63 by 2004, and to increase by 30 per cent flights on some routes. Services were recently launched from Dubai to Japan, and there are plans to open up new routes in the next six months to Cochin, Lagos, Moscow and Shanghai (MEED 12:7:02). Following a successful bond issue on the Dubai Financial Market (DFM), Emirates in considering further issues on local, regional and international markets in the coming year (MEED 13:7:01). Looking to the longer term, it projects it fleet to more than double by 2010, from 44 to 100 aircraft, and employee numbers to rise to 35,000 over the same period.

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