Emirates Profits Jump 67% in One Year
This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. Terms apply to the offers listed on this page. For an explanation of our Advertising Policy, visit this page.
Emirates Group announced a significant boost in profits in its yearly earnings report released Wednesday.
The Dubai-based airline group’s net income jumped to $1.1 billion, a 67% increase in the 12 calendar months that ended March 31. Sales were also up 8.1%.
The airline group was able to bolster its bottom line partly in thanks to higher oil prices in the Gulf region, Emirates said in its report. Even though higher oil prices meant higher operating costs for the carrier, “it also stoked the embers of economic recovery which contributed to better seat load factors and a modest climb in yields,” its financial report said.
The higher numbers are particularly good news for the world’s largest long-haul carrier and its group after its profits faltered last year among several adverse travel factors, including immigration policy changes (like the US travel ban), new terrorism prevention guidelines (like the electronics ban) and a strong US dollar. That perfect storm brought an 80% drop in profits in Emirates’ last earnings report and forced Emirates Airline to cut 20% of its 126 weekly flights to the US in 2017.
Despite the buoyed profits, Emirates Airline in recent days has also faced staffing shortages of both pilots and cabin crew. The carrier’s financial report states its total employee numbers dropped a little more than 2% in the last year down to about 103,000 workers. The airline said in April it was short-handed about 100-150 pilots, forcing it to cut some routes from its schedule. Emirates President Tim Clark cited demand in the US bouncing back as one of the factors for the shortage.
Emirates also cited the strengthening of other currencies like the euro and the Australian dollar against the US dollar as part of the reason for its economic comeback. However, though many factors improved, business conditions “remained tough,” Emirates Chairman and CEO Ahmed bin Saeed Al Maktoum wrote in his statement.
He cited pressure from low-cost airlines now capable of operating longer routes and political instability in Africa as some of the carrier’s challenges over the course of the year.
Welcome to The Points Guy!
Earn 90,000 bonus miles and 10,000 Medallion® Qualification Miles (MQMs) after you spend $3,000 in purchases on your new card in the first three months of card membership. Offer ends 11/10/2021.
With Status Boost™, earn 10,000 Medallion Qualification Miles (MQMs) after you spend $25,000 in purchases on your Card in a calendar year, up to two times per year getting you closer to Medallion Status. Earn 3X Miles on Delta purchases and purchases made directly with hotels, 2X Miles at restaurants and at U.S. supermarkets and earn 1X Mile on all other eligible purchases. Terms Apply.
- Limited Time Offer: Earn 90,000 Bonus Miles and 10,000 Medallion® Qualification Miles (MQMs) after you spend $3,000 in purchases on your new Card in your first 3 months. Offer expires 11/10/2021.
- Earn up to 20,000 Medallion® Qualification Miles (MQMs) with Status Boost® per year. After you spend $25,000 in purchases on your Card in a calendar year, you can earn 10,000 MQMs two times per year, getting you closer to Medallion® Status. MQMs are used to determine Medallion® Status and are different than miles you earn toward flights.
- Earn 3X Miles on Delta purchases and purchases made directly with hotels.
- Earn 2X Miles at restaurants worldwide, including takeout and delivery and at U.S. supermarkets.
- Earn 1X Miles on all other eligible purchases.
- Receive a Domestic Main Cabin round-trip companion certificate each year upon renewal of your Card. *Payment of the government imposed taxes and fees of no more than $75 for roundtrip domestic flights (for itineraries with up to four flight segments) is required. Baggage charges and other restrictions apply. See terms and conditions for details.
- Enjoy your first checked bag free on Delta flights.
- Fee Credit for Global Entry or TSA Pre✓®.
- Enjoy an exclusive rate of $39 per person per visit to enter the Delta Sky Club® for you and up to two guests when traveling on a Delta flight.
- No Foreign Transaction Fees.
- $250 Annual Fee.
- Terms Apply.
- See Rates & Fees