The Emirates Group defied global market instability and economic uncertainty, posting a record profit rise of 248% in the last fiscal year.

In its 2009-10 Annual Report of the Emirates Group, comprised of Emirates airline, Dnata and their subsidiary companies, which was released in Dubai at a news conference hosted by His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group, showed that the group's net profits rose to US$1.1 billion for the financial year which ended March 31, 2010.

Sheikh Ahmed said: "It has been an exceptional year of continued profitability against a backdrop of the worst global recession in generations. The first half of the financial year however, was extremely challenging as the world continued to grapple with the economic crisis. Our pioneering spirit and ability to adapt in adverse conditions helped us to push through this harsh economic climate with an extremely strong performance in the latter part of the year."

Group revenue remained stable at US $12.4 billion reflecting lower passenger and cargo yields offset by increased traffic. Profit margin improved to 9.1 percent from 2.6 percent a year earlier.

The group's cash balance also grew to US $3.4 billion at the end of March, a remarkable improvement of 43.3 percent or US $1 billion against the previous year. This excellent result is also after US $931 million of investments mainly in new aircraft; other aircraft related equipment and dedicated lounges.

Emirates' outstanding performance this year reflects its success in maintaining its business as usual approach, remaining true to its strategy of product and service excellence. This is illustrated by the 27.5 million passengers who flew with Emirates in the latest financial year, a 21 percent increase with 4.7 million more passengers than in the previous year; as well as the expansion of Dnata's international ground handling operations to 20 airports in nine countries.

In his opening review in the 2009-10 Annual Report, Sheikh Ahmed highlighted the Group's ability to flourish in adversity, despite the International Air Transport Association (IATA) reporting that airlines' financial losses worldwide for 2009 reached US $9.4 billion - the most difficult situation ever faced by the industry.

He also remarked on some of the many significant milestones for the Group that have helped ensure its continued growth and success which included Dnata's overseas expansion strategy through business acquisitions; Emirates' addition of 15 new aircraft; the celebration of Dnata's 50th year of operations; the opening of Wolgan Valley Resort and Spa in Australia - one of the world's leading sustainable hotels and Emirates' A380 route network expansion to several new airports including Seoul, Bangkok, Toronto, Paris and Jeddah.