Dubai’s Emirates Group, which includes the Middle East’s largest airline, has announced a record gross annual profit of $6.2 billion, marking its third record in three years.
The profit rose by 18 per cent due to strong customer demand.
After accounting for the UAE’s recently introduced corporate tax, the profit slimmed to $5.6 billion.
Chairman Sheikh Ahmed bin Saeed Al Maktoum said, “The Emirates Group has raised the bar to set new records for profit, revenue and cash assets.”
The group invested $3.8 billion in new aircraft, infrastructure, and technology to support its growth plans. Its workforce grew by nine per cent to 121,223 employees, a record high.
The group declared a $1.6 billion dividend to its owner, the Investment Corporation of Dubai (ICD).
Emirates airline posted a record $5.8 billion pre-tax profit, up 20 per cent from the previous year. Its revenue grew by six per cent to $34.9 billion.
The group’s ground services arm, Dnata, also achieved a record pre-tax profit of $430 million, up two from last year.
The Emirates Group has 314 aircraft pending delivery and is retrofitting 219 aircraft at a cost of $5 billion to make up for delayed orders.
AFP
