Its earning was $25.3 billion, a decrease of three per cent over last year’s while the cash balance increased to $6.4 billion.
Emirates Airline Chairman and Chief Executive Sheikh Ibn Ahmed Saeed Al Maktoum said: “Emirates and Dnata, its subsidiary, delivered record profits, solid business results, and continued to grow throughout 2015-16.
“Against an unfavourable currency situation, which eroded our revenues and profits, an uncertain global economic environment dogged by weak consumer and investor sentiment, as well as ongoing socio-political instability in many regions around the world, the Group’s performance is testament to the success of our business model and strategies.
“Our ongoing investments to develop our people and enhance our business performance, enable us to react with agility to the new challenges and opportunities that every year brings. In 2015-16, the group collectively invested over $ 4.7 billion in new aircraft and equipment, the acquisition of companies, modern facilities, the latest technologies, and staff initiatives. These will build on our strong foundations, extend our competitive edge, and accelerate our progress towards our long-term goals.”
The group’s employee base is more than 80 subsidiaries and companies increased by 13 per cent to over 95,000-strong members of staff, representing over 160 different nationalities.
He said:“Looking at the year ahead, we expect that the low oil prices will continue to be a double-edged sword – a boom 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.”
