Emirates Airline is on course to achieve a double record this year, racking up US$2 billion (Dh7.34bn) in profits and carrying 30 million passengers after registering a dramatic improvement in its first-half performance.
The airline quadrupled its first-half profits to Dh3.4bn between March and September by controlling costs and enjoying record passenger demand, as the global economy recovered. The airline, which last year became the world's biggest by international traffic, also handled 15.5 million passengers, a record for the period.
Sheikh Ahmed bin Saeed Al Maktoum, the chairman and chief executive of Emirates, said the airline benefited from the return of business and first-class travel, as well as its strategy of deploying new aircraft to routes serving the world's growing economies.
"Flexibility affords us the option of increasing passenger and cargo services on high-demand sectors," said Sheikh Ahmed. "By following these positive spikes in regional economies we have been able to maximise the use of our fleet to further stimulate revenue."
Emirates operates a fleet of more than 150 wide-bodied aircraft to more than 100 destinations. Although the airline expanded its capacity significantly in the past year after receiving new aircraft from Airbus and Boeing, the extra space was exceeded by the rise in passenger demand, contributing to load factors, or seat occupancy rates, of 81.2 per cent - Emirates's highest first-half figures yet.
The results will help to justify the airline's aggressive capacity growth, with an additional 62 wide-bodied aircraft ordered in the first six months of this year alone.
The profits come as airlines around the world enjoy a return to profitability. The International Air Transport Association (IATA) predicts industry-wide profits of $8.9bn this year, three times higher than the $2.5bn it forecast in June.
In the US, airlines are having their most profitable period since 1978, with United, Continental and Delta collectively earning more than $1bn in the third quarter. In the UK, British Airways posted a mid-year profit of £158 million (Dh931.5m), its first profits since 2008.
"While Emirates is a special case in terms of its figures, its performance nevertheless acts as an indicator for the state of the broader air transport industry," said David Kaminski-Morrow, an editor with Air Transport Intelligence in the UK. "The figures, including the better take-up in the premium cabin, reflect a more confident economy."
But Mr Kaminski-Morrow warned airlines would be concerned about the climbing price of fuel. According to an IATA/Platts fuel index, jet fuel costs rose 6.5 per cent over the past month to $95 per barrel from September.
igale@thenational.ae
UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
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MATCH INFO
Uefa Champions League last 16, first leg
Liverpool v Bayern Munich, midnight, Wednesday, BeIN Sports
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Padmaavat
Director: Sanjay Leela Bhansali
Starring: Ranveer Singh, Deepika Padukone, Shahid Kapoor, Jim Sarbh
3.5/5
The Land between Two Rivers: Writing in an Age of Refugees
Tom Sleigh, Graywolf Press
Fire and Fury
By Michael Wolff,
Henry Holt
The specs
Engine: 1.6-litre 4-cyl turbo
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Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
More from UAE Human Development Report:
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Kat Wightman's tips on how to create zones in large spaces
- Area carpets or rugs are the easiest way to segregate spaces while also unifying them.
- Lighting can help define areas. Try pendant lighting over dining tables, and side and floor lamps in living areas.
- Keep the colour palette the same in a room, but combine different tones and textures in different zone. A common accent colour dotted throughout the space brings it together.
- Don’t be afraid to use furniture to break up the space. For example, if you have a sofa placed in the middle of the room, a console unit behind it will give good punctuation.
- Use a considered collection of prints and artworks that work together to form a cohesive journey.
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