The Dubai-based Emirates Group has released its annual report for the 2013/14 period ended 31 March, revealing that it turned a profit for the 26th consecutive year.
According to the group, it 'ended the year in a strong position despite competitive pressure and a global economic environment that is only slowly recovering'.
Overall group profit came in 32 per cent higher at AED4.1bn (US$1.1bn), on revenue growth of 13 per cent to AED87.8bn (US$23.9bn).
“Achieving our 26th consecutive year of profit in a financial year marked by record increases in capacity and significant business investments across the Group, is testimony to the strength of our brands and our business fundamentals,” said His Highness (H.H.) Sheikh Ahmed bin Saeed Al Maktoum, chairman and CEO of Emirates Airline and Group.
Freight
Defying the industry trend, the 2013/14 financial year was a strong one for the group's airfreight segment Emirates SkyCargo, which for the first time reported a revenue over US$3bn to reach the AED11.3bn (US$ 3.1bn) mark, a 9 per cent increase over last year.
'Contributing 15 per cent of the airline’s total transport revenue, Emirates SkyCargo continues to play an integral role in the company’s expanding operations,' the group noted.
SkyCargo’s tonnage strongly increased by 8 per cent to reach 2.3m tonnes in a 'flat and challenging' airfreight market, highlighting its ability to grow revenues against the industry norm.
