Dubai-based airline Emirates posted record annual profits for the third consecutive year, allowing it to hold on to its claim of being the world’s most profitable carrier despite the Iran war effectively shutting down its home airport at the end of the reporting period.
The airline had a pre-tax profit of 24.4 billion dirhams ($6.6 billion) for the financial year ending March 31, up 7% year-on-year. However, passenger numbers were slightly down, slipping 1% to 53.2 million over the year, in a sign of the disruption caused by the regional conflict.
The war came at a time when Gulf aviation was entering a newly competitive era, with Riyadh Air preparing to launch to take on Emirates, Etihad, and Qatar Airways. The conflict that began on Feb. 28 changed the industry’s outlook, at least temporarily. On March 1, Emirates flew just 24 flights. It has since partially restored much of its operations, with cargo ramping up to cover some of the lost passenger revenue.
