Emirates Group Cargo is Up 10 Percent in Half-Year Performance Results - Global Trade Magazine
  November 12th, 2015 | Written by

Emirates Group Cargo is Up 10 Percent in Half-Year Performance Results

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  • Emirates Group revenue was down 2.3 percent in first half of fiscal year, reflecting impact of strong U.S. dollar.
  • Fuel accounted for 28 percent of Emirates’ operating costs, versus 38 percent last year.
  • Emirates cargo volume was up by 10.2 percent, an impressive result considering the shaky air cargo market.

The Emirates Group announced its half-year results for 2015-2016, showing continued business growth and a strong performance.

Revenue reached $12.6 billion for the first six months of the company’s 2015-2016 fiscal year, down 2.3 percent from $12.9 billion during the same period last year, reflecting the impact of the strong U.S. dollar against other major currencies.

The group marked one of its best half-year profit performances ever, with net profit rising to $1.0 billion, up 65 percent over the last year’s results thanks largely to lower fuel costs. Fuel prices were 41 percent lower compared to the same period last year. Fuel remained the largest component of the airline’s cost, accounting for 28 percent of operating costs compared with 38 percent in the first six months of last year.

The volume of cargo uplifted was up by 10.2 percent to reach 1.25 million tons, up from 1.1 million tons last year, an impressive result considering the overall shaky market for air cargo recently.

“Our top-line figures were hit hard by the strong U.S. dollar against other major currencies,” said Sheikh Ahmed bin Saeed al-Maktoum, chairman and chief executive of Emirates Airline and Group. “The currency exchange situation, combined with ongoing regional conflict and weak economic outlook in many parts of the world, dampened the positive impact of lower fuel prices during the first half of our 2015-2016 financial year.”

During the first six months in question Emirates received 13 wide-body aircraft, eight A380s, and five Boeing 777s, and retired four older aircraft. Sixteen 16 more new aircraft are scheduled to be delivered before the end of March 2016. Emirates expanded its global route network by launching services to four new destinations—Bali, Multan, Orlando, and Mashhad. Emirates’ global network now spans 147 destinations in 79 countries. Bologna came online in early November, and Panama City will be launched on February 1, 2016.