Dubai’s Emirates airline posts record full-year profit

Dubai’s Emirates airline had a fantastic year, reporting a full-year profit of 17.23 billion dirhams (which is about $4.69 billion). This is a huge increase of more than 60% compared to the previous year’s profit of 10.6 billion dirhams. The airline also saw a rise in passengers, carrying 51.9 million people, with seat capacity increasing by 21.4%.

The Chairman and Chief Executive of Emirates, Sheikh Ahmed bin Saeed Al Maktoum said he expects strong demand for international air travel. However, he emphasized the need to keep an eye on costs and external factors like oil prices and currency fluctuations.

To reward its staff for their hard work, Emirates airline plans to give them a bonus equivalent to 20 weeks’ salary, according to an internal email. The airline’s parent company, Emirates Group, also saw record profits, up 71% at 18.7 billion dirhams, and will pay a dividend of 4 billion dirhams to its owner, Dubai’s sovereign wealth fund.

Source: Reuters