The airline group posted a 67% increase in profits for the last financial year.
Emirates Group, owner of the world’s biggest long-haul airline, posted a 67% rise in profits for the last financial year – and will award a five-week bonus to each of its 100,000 employees.
The extra pay, announced by chairman Sheikh Ahmed bin Saeed Al Maktoum, is in line with the previous year’s benefits, but in past years some staff have received even more than that, The National reports.
Net profits at Emirates itself rose 124% to Dh2.8 billion (€640 million) in its year ending March 31, while the group as a whole, which also includes Dnata ground handling and cargo, posted a 67% rise to Dh4.1 billion.
Higher revenues, economic recovery, seat capacity and a decline in the US dollar against currencies in its key markets were cited as the main reasons behind the growth, as well as the tie-up last year with low-cost carrier flydubai, which has helped to consolidate operational costs and raise revenues.
Emirates has reduced its payroll by 3% in the past 12 months and has launched a cabin crew recruitment drive, advertising vacancies on its website amid reports that the airline is facing a shortage of pilots and crew, The National writes. However, Sheikh Ahmed has dismissed reports of a recent spate of resignations and denies that the group is facing a staff shortage.
Revenues for the year grew 8.8% to AED91.2 billion, while passenger numbers rose by 4.3% to 58.5 million. However, operating costs also increased, to AED88.2 billion, up 6.8% – particularly as fuel costs jumped 17.9% to AED24.7 billion.
Emirates added eight A380s and nine B777s to its fleet during the year while phasing out eight older planes. It also ordered 40 787-10 Dreamliners in 2017 and added commitments for 20 more A380s with options on a further 16. In total it operates 268 aircraft.