Emirates Airline lifted profits by 52 per cent as the world's number one carrier by international traffic carried more than 39 million passengers across its fast-expanding route network.
The Emirates Group, which includes the airline, its dnata airport services unit and other companies, recorded a Dh3.1 billion net profit, up 34 per cent from last year, on revenue of Dh77.5bn, an increase of 17 per cent over last year's results.
"Throughout the 2012-13 financial year the group has collectively invested over Dh13.8bn in new aircraft, products, services and handling facilities," said Sheikh Ahmed bin Saeed Al Maktoum, the chairman and chief executive of Emirates Airline and Group.
"Every dirham that we earn is strategically placed back into our business and it is this tenacious approach that has allowed the group to maintain such strong and consistent profitability under challenging circumstances."
The airline experienced the largest increase in capacity in its history during the financial year, with 34 new aircraft added to the fleet, the highest in any single year, and the addition of 10 new routes. The airline has a further 198 aircraft on order worth more than US$71bn.
The airline carried an additional 5.4 million passengers over last year, an increase of 16 per cent and the highest increase in a financial year, resulting in it carrying a record 39.4 million passengers. Emirates also logged a passenger seat factor of 80 per cent, consistent with last year's results despite an increase in seat capacity of 18 per cent, the report said.
Emirates Airline's revenue reached a record high of Dh73.1bn, growing by 17 per cent compared with the 2011-12 financial year. Although the average price of jet fuel did not increase over last year, it remained high, said the report. The airline's fuel bill increased by 15 per cent over last year to Dh27.9bn, with total operating costs up 16 per cent. Even so, the airline division delivered a profit of Dh2.3bn, representing an increase of 52 per cent over last year's results.
"Staying the course, our strategy for growth has reaped high benefits this past financial year, which has been our strongest ever in relationship to capacity growth," said Sheikh Ahmed. "Emirates seat load factor over the last three years has been 80 per cent despite our increase in capacity by 44 per cent during the same period, showing the continued global demand for our product."
Over the year, the group's cash balance grew by 53 per cent, reaching Dh27bn. At the same time, the airline raised more than Dh28.6bn in new funding mainly to secure its ongoing fleet expansion, a record amount for the carrier.
It included $587.5 million financing for additional A380s with a bond that used the debt capital market in the United States. It also raised more than Dh20bn through finance and operating leases.
Defying the industry trend, Emirates SkyCargo reported revenue of Dh10.3bn, an 8 per cent increase over last year. Its tonnage increased 16 per cent to 2.1 million tonnes in a shrinking air freight market, contributing 15 per cent of Emirates' total transport revenue.
Emirates' Destination and Leisure Management, including hotels, generated revenue of Dh460m, an increase of 15 per cent over last year, supported by the opening of the JW Marriott Marquis Hotel in Dubai, the world's tallest hotel, at the end of last year.
dblack@thenational.ae
Porsche Taycan Turbo specs
Engine: Two permanent-magnet synchronous AC motors
Transmission: two-speed
Power: 671hp
Torque: 1050Nm
Range: 450km
Price: Dh601,800
On sale: now
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.
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
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.
Your rights as an employee
The government has taken an increasingly tough line against companies that fail to pay employees on time. Three years ago, the Cabinet passed a decree allowing the government to halt the granting of work permits to companies with wage backlogs.
The new measures passed by the Cabinet in 2016 were an update to the Wage Protection System, which is in place to track whether a company pays its employees on time or not.
If wages are 10 days late, the new measures kick in and the company is alerted it is in breach of labour rules. If wages remain unpaid for a total of 16 days, the authorities can cancel work permits, effectively shutting off operations. Fines of up to Dh5,000 per unpaid employee follow after 60 days.
Despite those measures, late payments remain an issue, particularly in the construction sector. Smaller contractors, such as electrical, plumbing and fit-out businesses, often blame the bigger companies that hire them for wages being late.
The authorities have urged employees to report their companies at the labour ministry or Tawafuq service centres — there are 15 in Abu Dhabi.
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
The%20specs
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WORLD'S%2010%20HIGHEST%20MOUNTAINS
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MO
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Five%20calorie-packed%20Ramadan%20drinks
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AUSTRALIA SQUAD
Aaron Finch, Matt Renshaw, Brendan Doggett, Michael Neser, Usman Khawaja, Shaun Marsh, Mitchell Marsh, Tim Paine (captain), Travis Head, Marnus Labuschagne, Nathan Lyon, Jon Holland, Ashton Agar, Mitchell Starc, Peter Siddle
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
FINAL RESULT
Sharjah Wanderers 20 Dubai Tigers 25 (After extra-time)
Wanderers
Tries: Gormley, Penalty
cons: Flaherty
Pens: Flaherty 2
Tigers
Tries: O’Donnell, Gibbons, Kelly
Cons: Caldwell 2
Pens: Caldwell, Cross
Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
Where can I submit a sample?
Volunteers can now submit DNA samples at a number of centres across Abu Dhabi. The programme is open to all ages.
Collection centres in Abu Dhabi include:
- Abu Dhabi National Exhibition Centre (ADNEC)
- Biogenix Labs in Masdar City
- Al Towayya in Al Ain
- NMC Royal Hospital in Khalifa City
- Bareen International Hospital
- NMC Specialty Hospital, Al Ain
- NMC Royal Medical Centre - Abu Dhabi
- NMC Royal Women’s Hospital.
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
Australia tour of Pakistan
March 4-8: First Test, Rawalpindi
March 12-16: Second Test, Karachi
March 21-25: Third Test, Lahore
March 29: First ODI, Rawalpindi
March 31: Second ODI, Rawalpindi
April 2: Third ODI, Rawalpindi
April 5: T20I, Rawalpindi
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
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