This week Emirates announced a record profit of 8.2 billion Dhs for the 2015 to 2016 financial year.
The airline’s record profit was supported by the cheaper fuel prices, however revenues decreasesed by 4 percent. The strong US dollar also caused 6 billion Dhs revenue to be lost.
Emirates still sees s steady passenger growth. This time with an 8 percent increase to 51.9 million from last year.
“Each year brings a new set of challenges and there were two significant events with the fall in oil prices and strong US dollar,” Emirates chairman and chief executive Sheikh Ahmed bin Saeed Al Maktoum said.
“The strong dollar will continue to be a challenge and we expect low oil prices to be a double-edged sword, good for operating costs but bad for business and consumer confidence. But we have to stay ahead of the competition, and that’s why we invest in the business.”
He noted airspace closures as another challenge it can’t control, with longer flights around Yemen and Beirut adding to costs.
Even with premium cabin loads lower than usual, the airline will present its new first class product next year.
“We’ve been working on it for three years and I’ll be looking at the final product towards the end of this year and we’ll go into production for October next year,” Emirates president, Sir Tim Clark, said
“There’s no hold-up, it’s an extremely complex project which we’ve designed in-house with a contractor and couple of other designers, and when it comes to market, it will be very interesting.”