Emirates Group posts profit

With the release of its 2011-2012 annual report, the Emirates Group is reporting a net profit of US$629 million, which marks the 24th consecutive year in which it has turned in a profit. Despite the economic challenges and record high fuel prices, the Group’s revenue climbed to US$18.4 billion — an increase of 17.8% compared to the previous year’s results. As well, it’s cash balance grew by 9.5%, reaching US$4.8 billion. His Highness (H.H) Sheikh Ahmed bin Saeed Al Maktoum, chairman and chief executive of Emirates Airline and Group, commented on the results: “Achieving our 24th consecutive year of profit and maintaining an upward growth trajectory is an achievement that belies the industry norm. Throughout the 2011-2012 financial year the Group has collectively invested close to US$3.8 billion in new products. This investment has garnered new customers and increased our international presence. Successful business growth is not a matter of luck, it is the result of sustained and calculated investment. Every dirham that we earn is strategically ploughed back into our business and it is this foresight that has allowed the Group to maintain such strong and consistent profitability.” Go to http://www.theemiratesgroup.com/annualresults for further details.