The New Nation - Internet Edition

The Emirates Group Wednesday 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, says a press release.

Group net profits increased 54.1 per cent to AED 5.3 billion (US$ 1.45 billion) for the financial year ended March 31, 2008, on revenues of $ 11.2 billion compared to the previous year's $8.5 billion. The group's net margin improved to 13.2 per cent from 11.4 per cent in the previous year.

The group also retained a robust cash balance of $3.8 billion, compared with $ 3.5 billion of the previous year. Emirates will pay a dividend of $ 272.5 million to its owner, the Government of Dubai. In 2007-08, the group estimates a direct contribution of $ 6 billion, and another $ 6.8 billion in indirect contribution to the UAE economy.

The 2007-08 Annual Report of the Emirates Group - comprising Emirates Airline, Dnata and subsidiary companies was released in Dubai on the day at a news conference hosted by Chairman and Chief Executive of Emirates Airline and Group Sheikh Ahmed bin Saeed AI-Maktoum.