DORIC UPDATE
Doric Aviation | 17 May 2013
Emirates Announces Jump in Profits During Ongoing Fleet Expansion
▌▌ Group’s net profit: USD 845 million (+34 percent)
▌▌ Group’s revenue: USD 21.1 billion (+17 percent)
▌▌ Group’s cash balance: USD 7.3 billion (+53 percent)
▌▌ More than 39 million passengers (+16 percent)
▌▌ 34 additional new aircraft and 10 new destinations
Emirates Group has posted a net profit of USD 845 million
for the financial year 2012/20131 despite a continuing
weak global economic environment. This represents the
Group’s 25th consecutive year of profit and an increase in
net profits of 34 percent compared to the previous year.
The Group’s revenue increased by 17 percent over the
prior year to USD 21.1 billion.
Concourse A, Dubai International Airport
The airport service provider dnata, an Emirates Group
company, achieved the best results in its 53-year history
for the second year in a row. Contrary to the trend of the
airfreight sector, with a revenue increase of eight percent,
it was also a successful year for Emirates SkyCargo.
Emirates collectively invested more than USD 3.8 billion
into the Group in the previous financial year while
undertaking the largest capacity increase since the
founding of the airline. At the same time, the Group’s
cash balance grew by 53 percent to USD 7.3 billion.
Last year, Emirates raised more than USD 7.8 billion in new
funding, primarily to finance its ongoing fleet expansion.
This amount included USD 587.5 million financing for an
additional four A380s by means of an EETC bond (issued
by Doric Nimrod Air Finance Alpha Limited) that used the
U.S. debt capital market. Overall, the number of aircraft
Emirates has on order that have not yet been delivered
totals 198 with a value of over USD 71 billion.
An increase in carried passengers by 16 percent to 39.4
million contributed to a robust passenger seat factor. The
passenger seat factor has remained stable at 80 percent
for the last three years in spite of a capacity increase of
44 percent.
The seat factor for First and Business Class Emirates
flights remained particularly strong, as did the overall
seat factor for the A380. The strong A380 seat factor
reflects the ongoing high demand for flights with this type
of aircraft. In accordance with this passenger demand,
Emirates opened three new airport lounges, including
the new First and Business Class Concourse A facilities at
Dubai Airport, which is one of the largest lounges in the
world.
“We move into the new financial year with confidence and
a clear vision of where we are headed. We understand that
succeeding in this industry requires determination and we
are unapologetic about our drive to be the best. We strive
to provide superior customer experiences and as our
customers’ expectations increase so do the expectations
we set for ourselves. With the help of our 68,000 strong
multicultural work force we have no doubt that the year
ahead will again be more profitable than the last,” said
Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief
Executive, Emirates Airline and Group.
The full 2012-2013 Annual Report of the Emirates Group is
available at www.theemiratesgroup.com/annualreport.
Source: Emirates
Success through experience
Doric GmbH
Financial year from 1 April to 31 March.
1
Berliner Strasse 114
63065 Offenbach am Main, Germany
Tel. +49 69 247559-0
www.doric.com