Emirates profit rebound amid expanding fleet



ASSOCIATED PRESS

Published — Tuesday 13 November 2012

Last update 13 November 2012 4:55 am

| نسخة PDF Print News | A A

DUBAI: The parent company of Dubai-based carrier Emirates said yesterday that operating profit for the first half of the year surged by more than 63 percent as the Middle East's biggest airline expanded routes and benefited from stabilizing fuel prices.
Emirates Group said operating profit rose to 2.37 billion dirhams ($ 645.7 million) for the first half of 2012 compared to 1.449 billion dirhams ($ 394.8 million) in the same period last year.
The 63.6 percent jump is a strong rebound after a sharp drop in profit for the fiscal year ending March 31 due to rising fuel costs. The company also was helped by less volatility across the wider Middle East after last year's Arab Spring uprisings disrupted flight schedules.
Emirates Group includes Emirates airline and other businesses such as cargo operations and the travel service Dnata. Sheikh Ahmed bin Saeed Al Maktoum, the company's chairman and chief executive, said the group rebounded well because of investments into the "infrastructure of both Emirates and Dnata."
Much of the Emirates Group's growth was registered at the Emirates airline, which posted a 15.4 percent increase in passenger traffic to 18.7 million passengers. The group says Emirates airline expanded its fleet to 183 planes in the first half of the year - an increase of nearly 16 percent. Emirates also added 15 new routes in the past year including Ho Chi Minh City, Barcelona, Lisbon, Erbil and Washington.
"Emirates remained focused on its growth and global expansion despite on-going fluctuating exchange rates and ever lingering high fuel prices which accounted for 39 per cent of our expenditures, down 2 percentage points from last year," said Sheikh Ahmed.
Overall, Emirates Group revenue and other operating income rose to 38.2 billion dirhams ($ 10.4 billion) in the first half of the year, an increase of 16 percent compared to the same period last year.
Emirates is locked in strong competition with regional rivals Qatar Airways and Abu Dhabi-based Etihad Airways. But it remains the world's largest airline in terms of international passenger traffic. It now flies to 126 destinations in 74 countries. It has consistently reported a profit for the past 25 years.

What's happening around Saudi Arabia

JEDDAH: The Saudi man who carried out a suicide bombing at a mosque in Kuwait on Friday had no previous convictions for terrorism, the Interior Ministry said.The ministry, through its Twitter account, announced that Fahad Suleiman Al-Gabbaa was born...
JEDDAH: Eight million people visited the Grand Mosque in the first 10 days of Ramadan, a 49 percent increase from last year, the Haj and Umrah Directorate said recently.Salah Saqr, director of the directorate, said the transport plan was approved and...
JEDDAH: The government has installed 5,000 high-definition cameras on all floors and courtyards of the Grand Mosque to ensure security and crowd control.These cameras are monitored 24 hours a day by officers at a control center in Mina. They have to...
GENEVA: Saudi Arabia has welcomed the report of the International Fact Finding Commission on Israeli aggression in Gaza and has lauded its effort to prepare the report despite noncooperation from Israel which did not allow the committee to do its wor...
JEDDAH: Several Yemenis have praised the government for correcting their status quickly, which created no extra burden while fasting.Many who gathered in front of the Passport Department in Asir said everything was in place for them, a local newspape...
RIYADH: The $11.6 billion King Abdullah Financial District (KAFD) is already being admired for being a smart city but nobody can tell when it will be completed.“Being a smart city, everything is state-of-the-art. There is seamless Internet access and...
RIYADH: In a new move, the Ministry of Health will conduct drug tests on all drivers ferrying pilgrims between Makkah and Madinah during the Haj season.The decision was taken at a Haj preparatory meeting held on Sunday under the chairmanship of Imad...
JEDDAH: Motorbikes are among the most important means of transportation in Makkah during Ramadan because they are easy to use and cope easily with congestion in the central area next to the Grand Mosque. Despite the presence of public transportation,...
JEDDAH: A local man here runs a business started 150 years ago by his grandfather making sought-after Hijazi sweets for Eid and other festivals.Samer Jastaniah, 35, has three family shops making these products. “I am the grandson of the doyen of swee...
RIYADH: Saudi students have won six medals — a gold, a silver and four bronze — at the 19th Junior Balkan Mathematical Olympiad (JBMO 2015), securing the fifth place for the nation, as against 13th in its first participation in 2013.Rinad Abu-Jamal f...
Ambassador of Belgium Geert Criel:— Which particular aspect of Saudi Arabia you like the most? The friendliness of its people.— What is your favorite and oft-repeated Arabic word? Ahlan wa Sahlan.— Which book is by your bedside these days? World Orde...
AL-AHSA: Saudi farmers here need more support to buy fertilizers, medicines and equipment, and market their products.This is the view of Ahmed Al-Musalmi, who recently won the country’s ‘Ideal Farmer Award.’ He said high production costs and low mark...
JEDDAH: The Commission of the Promotion of Virtue and Prevention of Vice (Haia) has launched 20 initiatives aimed at improving the professionalism of employees and limiting individual interpretations and actions while carrying out duties.Sheikh Abdul...
RIYADH: Medical studies and research for new methods in the treatment of chronic diseases suggests that fasting could help combat cancer and boost effectiveness of treatment.Scientists doing research on the positive aspects of fasting discovered that...
RIYADH: The Ministry of Education has announced that Saudi universities would accept 95 percent of high school graduates, despite a royal decree four years ago setting a ceiling of 70 percent.The royal decree had approved the “Afaq Project,” a strate...

Stay Connected

Facebook