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The Emirates Group reported its 20th consecutive year of net profit, notching a new profit record despite soaring oil prices and challenging business conditions in the second half of its 2007-08 fiscal year.
His Highness Sheikh Ahmed bin Saeed Al-Maktoum, Chairman and Chief Executive Emirates Airline and Group released the 2007-08 Annual Report of the Emirates Group – comprising Emirates Airline, Dnata and subsidiary companies in Dubai and announced the Group’s 20th year of consecutive profit with net profits reaching a new record of Dhs5.3bn ($1.45bn) for the financial year ended March 31, 2008, up 54.1 per cent from the previous year.
Sheikh Ahmed said: “It was another record year for the Group in spite of a challenging business climate, particularly in the second six months where the soaring cost of jet fuel made a big dent, although the impact was partly offset by other operating gains.”
Fuel costs remained the top expenditure for the fourth year running, but the airline’s fuel risk management programme continued to reap rewards, saving the company Dhs888m ($242m) in 2007-08.
At the end of the financial year Emirates’ fleet reached 114 aircraft, including 10 freighters, boasting an average age of 67 months – one of the youngest commercial fleets in the skies.
During the year, the airline launched passenger services to seven new destinations - Newcastle, Venice, Sao Paulo, Ahmedabad, Toronto, Houston and Cape Town - and strengthened its existing network by adding services to high-demand cities in China, India, Middle East and Africa.
Sheikh Ahmed also highlighted some major milestones for the Group which included the move of most of the company’s Dubai-based staff to the new Emirates Group Headquarters; the launch of 11 new passenger and freighter destinations across the globe including Emirates’ first South American destination; and the massive 2007 Dubai Air Show aircraft order which has been described as the largest in civil aviation history worth $34.9bn at list prices.
The airline’s internet and e-commerce gateway, www.emirates.com, was redesigned and launched across 76 different sites in 10 languages, offering improved online booking features and a more user-friendly experience.
Dubai Summer Surprises (DSS) is the ultimate entertainment fiesta aimed at promoting Dubai as a leading global summer tourist destination. This year DSS will be held from June 21 to August 31. With the aggressive marketing of a revamped DSS by the Dubai Shopping Festival Office at ITB 2008 last March, it is hoped that this mega regional summer festival will be able to attract a wide global audience this year.
DSS has turned into a major international shopping, winning and family entertainment extravaganza designed to cater to all age groups. Shopping offers and promotions in the 40 state-of-the-art shopping malls in Dubai and the entertainment venues like Modhesh Fun City with its cool environs, provides an ideal summer haven with lots of fun, frolic and laughter as it welcomes all with open arms.
The tenth edition of DSS in 2007 witnessed unprecedented success with each of the themed ‘Surprises’ held throughout the event. DSS 2007 recorded 1,875,000 visitors and a higher level of success is expected this year.
“…DSS is the region’s leading summer event, and the DSF Office is committed in providing an innovative and exciting edition this year… says Ms. Suhaila Gobash, DSF Office Events Manager.
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