Emirates just keeps on doing it

Emirates Group's net profit jumps 67% year on year and revenue is up by 35.5% over the year before.

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By  David Ingham Published  April 28, 2004

Emirates Group has posted yet another massive increase in profits and revenues. For the financial year 2003-04 ending on March 31, the company posted net profit of Dhs1.7 billion (US $476 million), a rise of 67% year on year, and revenue of Dhs14 billion ($3.8 billion), an increase of 35.5% over the year before. Emirates Airline accounted for Dhs1.57 billion of the net profit figure, with Dnata contributing Dhs174 million. The airline’s owner, the Dubai government, will receive a dividend of Dhs329 million ($90 million). “The Emirates Group’s strong performance once again in the latest financial year confirms not just that we are on the right track, but also that we are doing our part to help our government realise its aggressive master plan for Dubai’s development,” said Sheikh Ahmed bin Saeed Al-Maktoum, chairman of Emirates. “We have plans in place for 2004-05 to keep the momentum and continue to deliver the same kind of performance.” Quizzed by journalists on how Emirates could keep posting such impressive numbers when the rest of the industry is in the doldrums, Sheikh Ahmed said: “It depends on the yield [revenue and profit per seat] and your costs.”

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