By IANS/WAM,
Dubai : The Emirates Group’s net profits increased 248 percent to 4.2 billion UAE dirhams ($1.1 billion) during the financial year 2009-10.
The figures were revealed in its 2009-10 annual report released Wednesday. The Emirates Group comprises Emirates Airline, Dnata and their subsidiary firms.
Group revenue remained stable at 45.4 billion dirhams, reflecting lower passenger and cargo yields offset by increased traffic. The group’s profit margin improved to 9.1 percent from 2.6 percent a year earlier.
The group’s cash balance grew to 12.5 billion dirhams at the end of March, up 43.3 percent or 3.8 billion dirhams, compared to the previous year.
Sheikh Ahmed bin Saeed Al Maktoum, chairman and chief executive, Emirates Airline and Group, said: “It has been an exceptional year of continued profitability against a backdrop of the worst global recession in generations. Our pioneering spirit and ability to adapt in adverse conditions helped us to push through this harsh economic climate with an extremely strong performance.”