Emirates announces $1.1bn net profit for 2009

Emirates Group has announced full-year net profits of $1.1bn, an increase of 278 percent on the previous year.

Sheikh Ahmed bin Saeed al Maktoum, chairman and CEO of the airline, said it 2009 was the 22nd year of profit for the company.

Quoted on HME.com's sister website, ArabianBusiness.com, he added that the net profit break-down included $964m for the airline, representing a 278% rise, with the remainder for Dnata.

Total revenues for Emirates in 2009 amounted to $12.4bn, an increase of 0.4 percent, reporters were told at a press conference on Wednesday.

Sheikh Ahmed said the big rise in profit was achieved "by carrying more passengers at the end of the day".

The airline, he added, would take delivery of seven more Airbus A380s this year. An announcement on future plane orders would be made in the next few weeks, he said.

Sheikh Ahmed said: “It has been an exceptional year of continued profitability against a backdrop of the worst global recession in generations.

"The first half of the financial year however, was extremely challenging as the world continued to grapple with the economic crisis. Our pioneering spirit and ability to adapt in adverse conditions helped us to push through this harsh economic climate with an extremely strong performance in the latter part of the year.”

He added: “Time and time again Emirates has weathered adversity. We have operated through regional conflict, SARS, the Asian economic collapse and most recently the global recession. Our 21 percent increase in passenger numbers from last year is an incredible result and has helped to cushion us from the effects of lower yields.

"This increase in passenger numbers is attributable not only to our position at the centre of the new Silk Road between East and West, but also to our commitment in increasing our network and service standards, during a time where many competitors were doing the opposite.”

Company president Tim Clark said that the airline was targeting "double digit growth" this year and had plans to create 2,000 new jobs while at the same time was looking to make 5-10 percent cost cutting measures.

Middle Eastern airlines saw the highest global growth rate of 11.2 percent in air passenger traffic for 2009, and their peers in other parts of the world are expected to post total 2010 losses of $2.8 billion, according to industry body International Air Transport Association (IATA).