Emirates Airline records net profit of $964m

12 May 2010

Emirates Group achieved net profit of $1.1bn in the financial year ending 31 March 2010

Dubai-based carrier Emirates Airline achieved a net profit of $964m for the financial year ending 31 March 2010, a 415 per cent increase on the net profit of $187m seen the previous year.

Of this, Emirates paid a dividend of $435m (AED1.6bn) to its shareholder, the Investment Corporation of Dubai, which is the investment arm of government of Dubai.

The dividend leaves Emirates with $529m to spend on future investments and acquisitions.

Emirates Group, the parent company of Emirates recorded a net profit of $1.1bn for the 2009-2010 financial year. Dnata made up the remaining net profit of $167m.

The airline is expected to announce further aircraft orders for Airbus A380 and Boeing 777 aircraft at the UK’s Farnborough International Airshow in July and is currently in discussions with both manufacturers.

Emirates declined to comment on the number of aircraft that may be ordered at the air show.

The carrier already has 146 aircraft on order worth a total of $48bn.

The airline is scheduled to take delivery of all 50 of its Airbus A380 aircraft on order by 2013, Maurice Flanagan, executive vice chairman of Emirates Airline and Group tells MEED.

Seven of these Airbus A380 and one Boeing 777 aircraft will be delivered in 2010.

In 2014, Emirates will also start to take delivery of the 70 Airbus A350 aircraft it has on order, says Flanagan.

The carrier is also expanding its international network by adding new routes to Madrid, Tokyo, Amsterdam, Dakar, Prague and Baghdad in 2010 (MEED 10:5:10).

Emirates holds a 43.6 per cent stake in Sri Lanka’s national carrier SriLankan Airlines and will sell its entire stake “for the right price”, according to Sheikh Ahmed bin Saeed al-Maktoum, chairman and chief executive of Emirates Airline and Group.

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