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atal17
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Emirates Records $1.2 Billion Profit For FY15

Thu May 07, 2015 7:09 am

* Emirates Group revenue reaches US$26.3 billion, an increase of 10% over FY14
* Emirates Group records 2nd highest profit ever at US$1.5 billion, up 34% from last year
* Emirates Group declares US$700 million dividend to Investment Corporation of Dubai
* In FY15, Emirates Group invested over US$5.5 billion in fleet, facilities, technology & people
* EK makes US$1.2 billion in profit, with standalone revenue increasing to a record US$24.2 billion, up by 7% from last year
* EK received 24 aircraft during FY15, increasing the fleet count at 231
* EK carried a record 49.3 million passengers, up 11% last year, with 79.5% LF
* EK capacity crossed 50 billion ATKM for the 1st time, cementing EK's position as the world's largest International carrier

Source: - Emirates's official twitter account.

Congratulations EK!!
 
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AirIndia
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RE: Emirates Records $1.2 Billion Profit For FY15

Thu May 07, 2015 7:21 am

Well done to EK!
Stellar performance.
Lets see how well this news is recieved, especially given the scenario.

http://www.arabianbusiness.com/dubai...ts--1-5bn-591905.html#.VUsS0NK7aL4

[Edited 2015-05-07 00:23:21]
 
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scbriml
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RE: Emirates Records $1.2 Billion Profit For FY15

Thu May 07, 2015 7:23 am

Wait. EK PAID its owners a $700million dividend? I thought the money all flowed the other way?   
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Gazdon121
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RE: Emirates Records $1.2 Billion Profit For FY15

Thu May 07, 2015 7:48 am

wow that is impressive must be filling them A380's  
 
anstar
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RE: Emirates Records $1.2 Billion Profit For FY15

Thu May 07, 2015 7:53 am

Quoting scbriml (Reply 2):

Wait. EK PAID its owners a $700million dividend? I thought the money all flowed the other way?

That is certainly a nice dividend. Well done EK.
Goes to show what can be achieved when you have a country that actually invests in aviation infrastructure.
 
jah718
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RE: Emirates Records $1.2 Billion Profit For FY15

Thu May 07, 2015 8:07 am

That is a fantastic result from an airline that I always enjoy flying. They are always consistent and connecting in Dubai is no trouble at all.

Given the sentiment towards EK from some of our transatlantic friends, I suggest getting some popcorn and putting your feet up for this thread.....
 
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777Jet
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RE: Emirates Records $1.2 Billion Profit For FY15

Thu May 07, 2015 8:08 am

Quoting Gazdon121 (Reply 3):
wow that is impressive must be filling them A380's

Or all of the alleged subsidies are kicking in             
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atal17
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RE: Emirates Records $1.2 Billion Profit For FY15

Thu May 07, 2015 8:31 am

 
UAEflyer
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RE: Emirates Records $1.2 Billion Profit For FY15

Thu May 07, 2015 8:39 am

The shareholder of EK really needed that dividend, actually i was expecting $1 billion not $700 million. The city is paying all debts that was invested in infrastructure.

$1.2 billion ( less than 5% from the revenue ) that sounds a very small return from the revenues.
 
Thomaas
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RE: Emirates Records $1.2 Billion Profit For FY15

Thu May 07, 2015 8:39 am

Is EK even bound to release truthful information ? As far as I know, the company is privately owned and its reporting practices are not subject to any rules since it isn't bound to release them.
 
UAEflyer
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RE: Emirates Records $1.2 Billion Profit For FY15

Thu May 07, 2015 8:42 am

Quoting Thomaas (Reply 9):

Is EK even bound to release truthful information ? As far as I know, the company is privately owned and its reporting practices are not subject to any rules since it isn't bound to release them.

But the auditor who is doing their financial work is a very big and reputable name and wouldn't damage their reputation just because of EK
 
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zkojq
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RE: Emirates Records $1.2 Billion Profit For FY15

Thu May 07, 2015 9:21 am

Not a bad result for such a fast growing company. 7.2% operating margin and 5.7% profit margin.

Quoting scbriml (Reply 2):
I thought the money all flowed the other way?

  Or so some would have us believe!

Quoting jah718 (Reply 5):
Given the sentiment towards EK from some of our transatlantic friends, I suggest getting some popcorn and putting your feet up for this thread.....

Indeed. It annoys me that the other side got the thread on EK's response to the US3 shutdown. This thread will be interesting to watch.  
Quoting Thomaas (Reply 9):

Is EK even bound to release truthful information ? As far as I know, the company is privately owned and its reporting practices are not subject to any rules since it isn't bound to release them.

PWC is the auditor. Their statement is on page 65.

[Edited 2015-05-07 02:24:47]
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Chaostheory
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RE: Emirates Records $1.2 Billion Profit For FY15

Thu May 07, 2015 10:37 am

Very good results.

Perhaps they can give those poor souls on the A330 fleet a larger bonus.
 
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lightsaber
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RE: Emirates Records $1.2 Billion Profit For FY15

Thu May 07, 2015 11:28 am

Well done. EK is a very numbers run airline.

Quoting atal17 (Thread starter):
Emirates Group declares US$700 million dividend to Investment Corporation of Dubai

I expected more. The city of Dubai needs more funds. But EK must expand and thus quite a bit of the money was returned back to aircraft depreciation.

Quoting UAEflyer (Reply 8):
The shareholder of EK really needed that dividend, actually i was expecting $1 billion not $700 million. The city is paying all debts that was invested in infrastructure.

Yep. If interest rates weren't low, Dubai would be in trouble. As is, they need the EK revenue.

Quoting UAEflyer (Reply 8):
$1.2 billion ( less than 5% from the revenue ) that sounds a very small return from the revenues.

It is less than the 12% or so a business aims for, but this is an airline.    Seriously, this is better than most airlines. While many make fun of the auditors, most take their job very seriously. This is an independent auditor. Most state run airlines are audited by their own government which tends to create conflicts of interest.

Think of all the airlines we cannot look at their annual report.

Lightsaber
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speedbored
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RE: Emirates Records $1.2 Billion Profit For FY15

Thu May 07, 2015 11:32 am

Could I suggest that we just ignore the trolling and do not reply to anything off-topic (e.g. "slavery") so that this thread doesn't get closed down as well? Suggest deletion instead.

Good to see that despite no requirement to do so, EK are continuing to publish their financials for everyone to see. Another great performance last year, it seems, with a very significant increase in profits despite the continuing high level of investment.

I suspect that the UAE will find the $700m dividend a very welcome contribution to government funds, given the continuing troubles in other sectors of the economy, such as property.

[Edited 2015-05-07 04:33:25]
 
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BaconButty
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RE: Emirates Records $1.2 Billion Profit For FY15

Thu May 07, 2015 11:44 am

A 14% increase in the number of (larger) aircraft against an 8% increase in headcount hints at the economies of scale they must be seeing.

Quoting speedbored (Reply 19):
Could I suggest that we just ignore the trolling

     

Quoting astuteman (Reply 17):
And now the second ......

It was "third time lucky" though!
Down with that sort of thing!
 
travelavnut
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RE: Emirates Records $1.2 Billion Profit For FY15

Thu May 07, 2015 12:45 pm

Unfortunately, but very expected, this thread is going down the sewer....
Live From Amsterdam!
 
FriscoHeavy
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RE: Emirates Records $1.2 Billion Profit For FY15

Thu May 07, 2015 12:53 pm

I'm an American, but I'm very happy for EK and their profit. American airlines need to step up their game -- that's all there is to it.
Whatever
 
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sunrisevalley
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RE: Emirates Records $1.2 Billion Profit For FY15

Thu May 07, 2015 1:24 pm

Quoting Gazdon121 (Reply 3):
wow that is impressive must be filling them A380's

A overall 79.5% load factor applied to the A380 makes for a good gross margin.

Quoting UAEflyer (Reply 10):
But the auditor who is doing their financial work is a very big and reputable name and wouldn't damage their reputation just because of EK

to quote from the auditors report..........

Our responsibility is to express an opinion on these consolidated financial statements
based on our audit. We conducted our audit in accordance with International Standards
on Auditing. Those standards require that we comply with ethical requirements and plan
and perform the audit to obtain reasonable assurance about whether the consolidated
financial statements are free from material misstatement.

As background, The ISA is a standard in use world wide and set by the International Auditing and Assurance Standards Board The IAASB is an independent standard-setting body that serves the public interest by setting high-quality international standards for auditing, assurance, and other related standards, and by facilitating the convergence of international and national auditing and assurance standards. In doing so, the IAASB enhances the quality and consistency of practice throughout the world and strengthens public confidence in the global auditing and
assurance profession.
 
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EPA001
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RE: Emirates Records $1.2 Billion Profit For FY15

Thu May 07, 2015 1:24 pm

Quoting scbriml (Reply 2):
Wait. EK PAID its owners a $700million dividend? I thought the money all flowed the other way?   

Great post! 

The news report shows again the success of the way EK are conducting their business. Good for them, good for the shareholders, good for Airbus and Boeing and good for the passengers EK is continuing to attract.  
 
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speedbored
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RE: Emirates Records $1.2 Billion Profit For FY15

Thu May 07, 2015 1:24 pm

We really need to stop feeding the troll or we'll never have a sensible EK thread ever again.

Please just ignore him or suggest deletion.
 
hohd
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RE: Emirates Records $1.2 Billion Profit For FY15

Thu May 07, 2015 1:42 pm

I have never seen a EK financial report published before this. Have they published similar reports in the past ? Have they ever declared a loss ?

5% margin in airline industry is quite healthy and reasonable. This report should put an end to any subsidies they are allegedly receiving by Europe or US airlines. The airport improvements are an investment by UAE and Dubai government to bolster and diversify their economy.
 
dubaiamman243
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RE: Emirates Records $1.2 Billion Profit For FY15

Thu May 07, 2015 1:58 pm

The employees will be getting 9 weeks bonus.
The next airline CEO :crossfingers:
 
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zkojq
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RE: Emirates Records $1.2 Billion Profit For FY15

Thu May 07, 2015 2:01 pm

Quoting Gazdon121 (Reply 3):
wow that is impressive must be filling them A380's
Quoting sunrisevalley (Reply 29):
A overall 79.5% load factor applied to the A380 makes for a good gross margin.

It is worth mentioning that Tim Clark has said on a few occasions that the A380s consistently have higher load factors than other aircraft operating the same routes.

Quoting speedbored (Reply 18):
Could I suggest that we just ignore the trolling and do not reply to anything off-topic (e.g. "slavery") so that this thread doesn't get closed down as well?

  

Quoting speedbored (Reply 31):

We really need to stop feeding the troll or we'll never have a sensible EK thread ever again.

I think that is his intention. Ironically, this is the same user who will defend Air India to the ends of the earth.  
Quoting hohd (Reply 33):
I have never seen a EK financial report published before this.

They have been for a few years.

Quoting hohd (Reply 33):
Have they published similar reports in the past ?

Since 2000. Avaliable here, should you or anyone else wish to take a read.
http://www.emirates.com/english/about/annual-reports.aspx

Quoting hohd (Reply 33):
Have they ever declared a loss ?

I believe that their only loss was in their first year of operations.
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tortugamon
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RE: Emirates Records $1.2 Billion Profit For FY15

Thu May 07, 2015 2:05 pm

Quoting FriscoHeavy (Reply 26):
I'm an American, but I'm very happy for EK and their profit.

I don't think being American and being anti-EK goes hand-in-hand but I understand your sentiment. I can understand if you work for the US3 and somehow your job is linked to international growth then I could see why you were vested but, otherwise, I see EK's growth as being a huge positive for the US consumer and so I welcome it wholeheartedly.

Quoting FriscoHeavy (Reply 26):
American airlines need to step up their game -- that's all there is to it.

To be fair, the US3 have returned much larger sums to shareholders (buybacks and dividends) over the same period of time. American paid over $1 Billion in less than a year and have announced $2 Billion more in buybacks. United and Delta have returned similar amounts and all have introduced/expanded dividends as well.

As others have mentioned EK's $700 Million is solid but not impressive - I do expect that to increase as well.

tortugamon
 
chiad
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RE: Emirates Records $1.2 Billion Profit For FY15

Thu May 07, 2015 2:07 pm

Quoting hohd (Reply 33):
I have never seen a EK financial report published before this. Have they published similar reports in the past ? Have they ever declared a loss ?
http://en.wikipedia.org/wiki/Emirate...ancial_and_operational_performance
 
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EPA001
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RE: Emirates Records $1.2 Billion Profit For FY15

Thu May 07, 2015 2:12 pm

Quoting ZKOJQ (Reply 36):
Since 2000. Avaliable here, should you or anyone else wish to take a read.
http://www.emirates.com/english/abou....aspx

They go back even till 1994.  
 
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zkojq
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RE: Emirates Records $1.2 Billion Profit For FY15

Thu May 07, 2015 2:20 pm

Quoting EPA001 (Reply 41):
They go back even till 1994.

Oops, didn't scroll down far enough. Thanks for pointing that one out.  

Looking at that oldest report, its amazing that in FY95/96 the airline was only going to take a single 777 and only two the following year. 'In addition, options are held on 7 Boeing 777s for delivery between 1998 and 2000'. (page 63) How times have changed!
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KarelXWB
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RE: Emirates Records $1.2 Billion Profit For FY15

Thu May 07, 2015 2:34 pm

Quoting ZKOJQ (Reply 42):
Looking at that oldest report, its amazing that in FY95/96 the airline was only going to take a single 777 and only two the following year. 'In addition, options are held on 7 Boeing 777s for delivery between 1998 and 2000'. (page 63) How times have changed!

Amazing, isn't? Now they are ordering 777s in batches of 150.
What we leave behind is not as important as how we've lived.
 
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william
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RE: Emirates Records $1.2 Billion Profit For FY15

Thu May 07, 2015 4:51 pm

Are these fiscal year numbers or just for the quarter?
 
PanAm1971
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RE: Emirates Records $1.2 Billion Profit For FY15

Thu May 07, 2015 5:34 pm

Quoting tortugamon (Reply 38):
To be fair, the US3 have returned much larger sums to shareholders (buybacks and dividends) over the same period of time. American paid over $1 Billion in less than a year and have announced $2 Billion more in buybacks. United and Delta have returned similar amounts and all have introduced/expanded dividends as well.

And that's fair enough. But clearly the handwriting is on the wall-the Me3 are moving in.
 
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diverdave
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RE: Emirates Records $1.2 Billion Profit For FY15

Thu May 07, 2015 6:02 pm

Quoting tortugamon (Reply 38):
but, otherwise, I see EK's growth as being a huge positive for the US consumer and so I welcome it wholeheartedly.

A "huge" positive for the US consumer - I don't agree.

Maybe a positive for the US consumer that travels on the routes offered by EK. That's a fraction of the US traveling public.

Definitely not a positive for many of us, as the ME3's growth weakens the US carriers that the rest of us rely on for our travels.

David
 
Malayil
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RE: Emirates Records $1.2 Billion Profit For FY15

Thu May 07, 2015 6:33 pm

Guys stop responding to him. He is consistently anti-Middle East and I also suspect anti-Muslim. He never has anything rational to say whenever a ME3 topic comes, but he loves to comment. Don't give him the time of day. Personally, I'm happy that an airline is profitable and healthy. Its not like the US3 aren't making massive profits either.
 
ytz
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RE: Emirates Records $1.2 Billion Profit For FY15

Thu May 07, 2015 6:40 pm

Lol. Money talks, bovine excrement walks.

The trolls can keep at it. I doubt Tim Clark and the sheikhs who own EK are really quaking in their boots, while counting their millions.

They might be worried a tad about US3 lobbying. But millions in profits also means, they have friends on K Street too.
 
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speedbored
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RE: Emirates Records $1.2 Billion Profit For FY15

Thu May 07, 2015 6:42 pm

Quoting Malayil (Reply 62):
Guys stop responding to him. He is consistently anti-Middle East and I also suspect anti-Muslim. He never has anything rational to say whenever a ME3 topic comes, but he loves to comment. Don't give him the time of day. Personally, I'm happy that an airline is profitable and healthy. Its not like the US3 aren't making massive profits either.

I could not agree more.
 
BlueShamu330s
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RE: Emirates Records $1.2 Billion Profit For FY15

Thu May 07, 2015 6:52 pm

Despite the persistent a.net protestations from one particular poster, Emirates just keep on posting the good news; it must be so frustrating.

I propose a whip around for a new keyboard; the amount of times he's typed Noooooooooooooooooooo must be having wear and tear implications.....  

Rgds
Flying around India
 
JoeCanuck
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RE: Emirates Records $1.2 Billion Profit For FY15

Thu May 07, 2015 8:22 pm

Quoting [email protected] (Reply 13):
First North American to reply.

Tarring all 360 million Americans with the same brush is no less insulting, and no better, polite or more civilized than an american blindly tarring EK.

Individuals are making these statements, not every person in a country.
What the...?
 
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KPDX
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RE: Emirates Records $1.2 Billion Profit For FY15

Thu May 07, 2015 8:39 pm

Quoting JoeCanuck (Reply 70):
Tarring all 360 million Americans with the same brush is no less insulting, and no better, polite or more civilized than an american blindly tarring EK.

Individuals are making these statements, not every person in a country.

No kidding! It would be like me saying all Europeans blindly worship EK because they operate their prized aviation possession.   
 
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glideslope
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RE: Emirates Records $1.2 Billion Profit For FY15

Thu May 07, 2015 8:43 pm

Quoting KPDX (Reply 71):
No kidding! It would be like me saying all Europeans blindly worship EK because they operate their prized aviation possession.  

I was not aware of any EK A320NEO orders?   
To know your Enemy, you must become your Enemy.” Sun Tzu
 
JoeCanuck
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RE: Emirates Records $1.2 Billion Profit For FY15

Thu May 07, 2015 9:47 pm

Airline routes, (not necessarily individual airlines), are always going to have a national interest component. They are more than just another mode of transportation, they are infrastructure, and that is part what makes international agreements such a huge pain.

What might be best for a foreign airline and local passengers now, might change in the future. Priorities, alliances, normally unrelated treaties and more can up set what is a delicate balance.

The way I look at it, EK took a hub business model, using Singapore airlines and Cathay as templates and ran with that concept in ways that nobody ever considered. That caught everybody flatfooted, which is why there is so much panic almost everywhere EK sets its sights. Countries and airlines are forced to deal with the nuances of national interests and international airline routing and that's creating pressure which the US, for one, is using a hammer to deal with, instead of a pen.

In Canada, for example, the UAE is limited to 6 flights a week. The official reasoning behind that is that there are a limited number of international slots in the most desired airport, (EK has completely kicked over the slow moving, good old boy, pace of international air travel development. That's the way of any paradigm shift innovation, and the status quo usually won't give in without a fight.

I think EK could do itself a favor by being a bit more sensitive to how national interests are intertwined with international air travel, but regardless, the legacy carriers are going to have to adapt to the new order.

One more thing...if there was any doubt about the national interest nature of 'freedom' rights, remember they are granted by federal governments, not airlines.

[Edited 2015-05-07 15:26:07]

[Edited 2015-05-07 15:26:32]
What the...?
 
tortugamon
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RE: Emirates Records $1.2 Billion Profit For FY15

Thu May 07, 2015 9:48 pm

Quoting JoeCanuck (Reply 70):

Hear hear!!

tortugamon
 
liftsifter
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RE: Emirates Records $1.2 Billion Profit For FY15

Thu May 07, 2015 10:59 pm

Congratulations to EK, HH Sheikh Ahmed Bin Saeed Al Maktoum, Tim Clark and EK shareholders!

Especially, however, this is good news for EK employees around the globe, not only for their bonuses coming down the line, but this will surely be a boost for morale.

It's a good day in Dubai today!
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LAX772LR
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RE: Emirates Records $1.2 Billion Profit For FY15

Thu May 07, 2015 11:31 pm

Quoting YTZ (Reply 67):
Fly to the places the passengers want to go

They offered them both nonstops and 1stops, JFK/ATL/ORD/CDG/AMS to DEL/BOM/MAA, all on USA metal.
The market didn't respond with the needed yield to sustain them.

Quoting JoeCanuck (Reply 70):
Tarring all 360 million Americans with the same brush is no less insulting, and no better, polite or more civilized than an american blindly tarring EK.

      

But hey, disparaging N.Americans seems to be the thing to do around here.... you should know that, you Yankee!
(I know, I know, but hey, it makes about as much sense as when some ignorant people on this site label the majority of USAmericans by that idiotic term too.)

Quoting osubuckeyes (Reply 73):
that would be providing additional Y+

Still coach.

Quoting osubuckeyes (Reply 73):
Not sure what incremental fees you are referring to either

Not sure where you've been for about the last decade then.

Quoting osubuckeyes (Reply 73):
MRTC?

Think AA circa 2001.....

Quoting osubuckeyes (Reply 73):
The reality is the Y product on the US3 is stagnant other than the reintroduction of free booze

The reality is because the overwhelming majority of US passengers won't pay a premium for anything more, so they're getting exactly what they asked via their wallets for.
I myself, suspect a more prosaic motive... ~Thranduil
 
blrsea
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RE: Emirates Records $1.2 Billion Profit For FY15

Fri May 08, 2015 1:18 am

Quoting LAX772LR (Reply 80):
They offered them both nonstops and 1stops, JFK/ATL/ORD/CDG/AMS to DEL/BOM/MAA, all on USA metal.
The market didn't respond with the needed yield to sustain them.

Couple of issue. The connectivity wasn't sufficient. DXB serves 12 Indian destinations,
US has more profitable yield destinations to S America/EU/East Asia etc. ME, because of their hub location, has better front occupancy to their hub, while the Y is packed to gills, giving them sufficient yields.
 
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lightsaber
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RE: Emirates Records $1.2 Billion Profit For FY15

Fri May 08, 2015 1:42 am

Quoting greenjet (Reply 83):

2.9% lease rate?!? That is incredible. Is that due to some ExIm (which EK's non US and EU competitors qualify for)?
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LAX772LR
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RE: Emirates Records $1.2 Billion Profit For FY15

Fri May 08, 2015 1:50 am

Quoting blrsea (Reply 82):
Couple of issue. The connectivity wasn't sufficient. DXB serves 12 Indian destinations,

Yes, but it only serves 9 USA destinations.... compared to what, about 300 by any the US3?

The whole point of connectivity is that it works both ways.
I myself, suspect a more prosaic motive... ~Thranduil
 
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zkojq
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RE: Emirates Records $1.2 Billion Profit For FY15

Fri May 08, 2015 2:07 am

Quoting LAX772LR (Reply 80):
The reality is because the overwhelming majority of US passengers won't pay a premium for anything more, so they're getting exactly what they asked via their wallets for.

So why does Delta have PTVs in their 777s then?

Quoting LAX772LR (Reply 85):
Yes, but it only serves 9 USA destinations.... compared to what, about 300 by any the US3?

The whole point of connectivity is that it works both ways.

You are aware that Emirates codeshares with Virgin America, JetBlue and Alaska?

[Edited 2015-05-07 19:07:29]
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greenjet
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RE: Emirates Records $1.2 Billion Profit For FY15

Fri May 08, 2015 2:11 am

Quoting lightsaber (Reply 84):
2.9% lease rate?!? That is incredible. Is that due to some ExIm (which EK's non US and EU competitors qualify for)?

Wish I had a definitive answer for that. The rate figures I quoted were published on page 91 of the annual report.
 
Viscount724
Posts: 19316
Joined: Thu Oct 12, 2006 7:32 pm

RE: Emirates Records $1.2 Billion Profit For FY15

Fri May 08, 2015 2:23 am

Quoting LAX772LR (Reply 85):
Quoting blrsea (Reply 82):
Couple of issue. The connectivity wasn't sufficient. DXB serves 12 Indian destinations,

Yes, but it only serves 9 USA destinations....

10 starting September 1 (Orlando). 11 if you count cargo as they operate freighters to ATL.

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