The Emirates Group said it has registered a solid net profit in the first half  which touched Dh2.1 billion ($575 million), up 68% compared to Dh1.3 billion last year despite continued global economic pressure and continued high fuel prices.

Announcing the robust results for the first six months of its current fiscal year ending September 30, the group said despite fundamental challenges, the Group’s revenue and other operating income rose to Dh38.2 billion posting an increase of 16% over last year’s results.

The Group’s cash position as of September 30 remained strong at Dh15.2 billion compared to Dh17.6 billion as of March end 2012. The Dh2.4 billion difference in the cash balance is primarily resulting from a Dh2 billion sukuk bond repayment in June 2012.

“The Emirates Group half-year performance is the result of hard work and our drive to stay on course and continue to grow despite the precarious marketplace,” said Sheikh Ahmed bin Saeed Al Maktoum, Chairman and CEO of Emirates Airline and Group (Photo).

Also for the first time in the Group’s history the revenue has surpassed the $10 billion mark in a six month period, he added.

Commenting on the results, Sheikh Ahmed said: "Even with a challenging operating environment, the Group continued to invest in and expand on its employee base, increasing its overall staff count by more than 8% in just six months to nearly 68,000.”

“We have continued to invest in the infrastructure of both Emirates and dnata and it continues to pay off,” he added.
During the first six months of the fiscal year Emirates received 13 wide-body aircraft, including two A380s and ten Boeing 777s and one freighter, with more than 15 new aircraft scheduled to be delivered before the end of the financial year (31 March 2013).

As the fleet increased, Emirates further invested in its network by adding 5 new destinations that have joined the 10 new routes added since 30 September 2011, for a total of 15.

In spite of unstable global economic, geopolitical and environmental conditions Emirates continues to make a profit. In the first half of the 2012-13 fiscal year, Emirates net profit is Dh1.7 billion up 104% from Dh836 million.

“Emirates remained focused on its growth and global expansion despite on-going fluctuating exchange rates and ever lingering high fuel prices which accounted for 39% of our expenditures, down 2% from last year,” said Sheikh Ahmed.

“The instability in the market over the past six months has put Emirates to the test, and once again we have risen to the challenge, our results speak for themselves,” he added.

On its strong upward trajectory, Emirates continues to be one of the fastest growing airlines in the world. Equipped with the world’s largest fleet of A380s and the largest fleet of Boeing 777s Emirates continues its broad, global expansion now flying to 126 destinations up from 114 last year to 74 countries compared with 67 last year.

Emirates carried 18.7 million passengers since April 1, 2012, up 15.4 per cent for the same period last year. The volume of cargo uplifted was up by more than 16 per cent, a significant growth against the market trend.

Its dnata unit continues to grow internationally and reinvest in the global business infrastructure. Its revenue including other operating income is Dh3.9 billion, 9% higher compared to Dh3.6 billion last year.

This is the first time in dnata’s 53 year history the company has achieved $1 billion in revenues in six months, said the company Chief.