DUBAI, May 7 (Reuters) – Emirates airline on Thursday posted a record full-year net profit despite the impact of the Iran war, as the carrier cited strong travel demand throughout most of the period.
The Gulf carrier said in a statement its profit after tax rose to $5.4 billion in the 12 months to the end of March, up from $5.2 billion in the same period a year earlier, as higher passenger yield offset a slight decline in the number of passengers Emirates carried to 53.2 million.
The U.S.-Israeli war with Iran, which began on Feb. 28, has led to severe disruptions as airspaces in the Middle East closed temporarily and surging jet fuel prices lifted costs, leading to the air travel industry’s biggest crisis since the COVID-19 pandemic.
The major Gulf carriers including Emirates have been gradually restoring capacity, but are still operating below pre-war levels, while renewed attacks on the United Arab Emirates this week cast uncertainty on a fragile ceasefire that entered into effect last month.
The Dubai-based airline said its parent Emirates Group posted a record revenue of $41 billion, up 3% from a year earlier. The group will distribute total dividends of $1 billion to its owner, sovereign wealth fund ICD.
($1 = 3.6723 UAE dirhams)
(Reporting by Ahmed Elimam and Federico MaccioniEditing by Louise Heavens and Peter Graff)
