Emirates airline posts record annual profit on strong travel demand
DUBAI (Reuters) - Dubai's Emirates airline on Thursday reported a record full-year profit, boosted by strong international travel demand on major routes.
The results underscore a sustained rebound in global air travel, with Emirates benefiting from a surge in demand across Asia, Europe and the Middle East.
The airline, among the world's largest by international capacity, has added new routes and increased flight frequencies amid a surge in tourism and business travel.
It carried 53.7 million passengers in the fiscal year, with seat capacity up 4%.
But escalating trade tensions and geopolitical uncertainty are clouding the outlook for the broader industry.
The Gulf carrier posted earnings of 19.1 billion dirhams ($5.2 billion) for the year ended March 31, compared with 17.2 billion dirhams a year earlier.
($1 = 3.6727 UAE dirham)
(Reporting by Manya Saini. Editing by Susan Fenton and Mark Potter)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
an hour ago
- Yahoo
Trump administration exploring $30 billion civilian nuclear deal for Iran
The Trump administration in recent days has explored possible economic incentives for Iran in return for the regime halting uranium enrichment, including releasing billions of dollars in frozen Iranian assets, according to three sources familiar with the discussions. The tentative proposal would also allow Iran to receive assistance from regional countries to enable Tehran to build a civilian nuclear program, granting Tehran access to as much as $30 billion. Follow live politics coverage here The proposal is one of many ideas under consideration by the administration, the sources said. The details of the administration's discussions were first reported by CNN. The potential deal would mark a major reversal in policy for President Trump, who pulled the U.S. out of the Obama administration's nuclear deal with Iran in 2018 arguing in part that the sanctions relief and unfreezing of Iranian assets had provided a 'lifeline of cash' to the Iranian regime to continue its malign activities. Still, it is not immediately clear if the financial proposal or any negotiations between the U.S. and Iran will move forward. In a Truth Social post Friday night, Trump said he "never heard of this ridiculous idea," adding that it was "just another HOAX put out by the Fake News." Earlier Friday, Trump threatened to drop any possible sanctions relief for Iran after Supreme Leader Ayatollah Ali Khamenei declared victory in the war against Israel and downplayed the significance of U.S. attacks on their nuclear sites. 'Why would the so-called 'Supreme Leader,' Ayatollah Ali Khamenei, of the war torn Country of Iran, say so blatantly and foolishly that he won the War with Israel, when he knows his statement is a lie?' Trump wrote in a lengthy post on Truth Social, adding. 'During the last few days, I was working on the possible removal of sanctions, and other things, which would have given a much better chance to Iran at a full, fast, and complete recovery — The sanctions are BITING! But no, instead I get hit with a statement of anger, hatred, and disgust.' In a pre-recorded speech on Iranian state TV on Thursday, Khamenei said: 'The Islamic Republic was victorious and, in retaliation, delivered a hand slap to America's face.' He added: 'This action can be repeated in the future.' But later on Friday, Trump insisted the Iranians still wanted to meet with him to discuss possible sanctions relief. 'They do want to meet me, and we'll do that quickly. We're going to do it quickly,' Trump told reporters during a White House meeting with the foreign ministers of the Democratic Republic of the Congo and the Republic of Rwanda. 'Don't you think we have sanctions on there that they can't do anything? Wouldn't you think that they want to meet me? I mean, they're not stupid people.' This article was originally published on
Yahoo
2 hours ago
- Yahoo
Geopolitical Chaos Paves Way for ExxonMobil, Chevron, and ConocoPhillips to Capitalize
Oil prices paused their recent climb this week as tensions between Israel and Iran appear to be easing, and crucially, the Strait of Hormuz remains operational. However, given that both parties have already violated the terms of the U.S.-led ceasefire, it would be premature to assume that lasting stability will be achieved in the region. Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter With the Middle East remaining a potential flashpoint, investors may want to stay prepared for renewed volatility in energy markets. In this context, established energy leaders such as ExxonMobil (XOM), Chevron (CVX), and ConocoPhillips (COP) offer a strategic way to maintain exposure to potential upside in oil prices amid geopolitical uncertainty. These three energy giants could be the key to navigating volatility while gaining exposure to a potential oil price shock that would significantly boost earnings and revenues, despite its detrimental impact on international trade and consumer prices. For many income-focused investors, ExxonMobil is a core holding. Its massive daily output of around 4 million barrels makes it one of the most reliable names in energy. Furthermore, its diversified portfolio, ranging from upstream exploration in places like Guyana to downstream refining, means it is not just banking on crude prices remaining high. Recent moves, such as its $59.5 billion acquisition of Pioneer Natural Resources last year, have also significantly increased its Permian Basin output, positioning it to produce low-cost shale oil even if prices decline, as we saw this past week. Recently, Exxon has been vocal about the Israel-Iran tensions, with CEO Darren Woods noting the Strait of Hormuz's critical role in global oil flows, as approximately one-third of seaborne crude oil passes through it. If that chokepoint gets squeezed if tension re-escalates, Exxon's global supply chain could face hiccups, but its ability to redirect through pipelines, such as Saudi Arabia's to the Red Sea, should give it an edge. Regardless, with a 42-year track record of uninterrupted annual dividend increases, Exxon has demonstrated its ability to navigate even the most challenging times in the sector, all while maintaining a reliable and growing dividend. Currently, most analysts are bullish on XOM stock. The stock has a Moderate Buy consensus rating, based on nine Buy and six Hold ratings assigned over the past three months. No analyst rates the stock a sell. XOM's average stock price target of $123.40 implies ~13% upside over the next twelve months. Chevron produces around 3 million barrels per day, but what really sets it apart is its balanced strategy. Its Gulf of Mexico operations and Tengiz project in Kazakhstan keep the oil flowing. At the same time, its $53 billion acquisition of Hess Corporation last year added Guyana's high-margin Stabroek block to its arsenal. Moreover, beyond oil, Chevron is investing in renewables like hydrogen and carbon capture, which could help cushion it against long-term energy shifts. The Israel-Iran ceasefire has calmed oil markets, but Chevron is set to benefit again from higher oil prices if tensions peak, while today's LNG deal with Energy Transfer (ET) shows the energy giant is doubling down on gas exports, a smart hedge if you can me in case crude takes a hit. It's worth noting that Chevron is also less exposed to Strait of Hormuz risks than pure Gulf producers, thanks to its global footprint and pipeline access, such as the UAE's Fujairah terminal. On Wall Street, Chevron stock carries a Moderate Buy consensus rating based on 10 Buy, six Hold, and two Sell ratings. CVX's average stock price target of $159.50 implies almost 11% upside potential over the next twelve months. ConocoPhillips is the scrappy underdog of the trio, with a heavy focus on U.S. shale and unconventional plays. Its $22.5 billion acquisition of Marathon Oil last year strengthened its positions in the Permian and Eagle Ford, enhancing its low-cost production capacity. Boasting about 2.3 million barrels per day, COP is leaner than Exxon or Chevron but quick to ramp up output when prices climb. That makes it an ideal option for those who want to bet on short-term oil price spikes. The Israel-Iran conflict hasn't, of course, directly impacted Conoco's U.S.-centric operations; however, a Strait closure could still send global prices soaring, and Conoco will be ready to capitalize on the opportunity if tensions resume. Further, its Alaskan Willow project, slated to add 180,000 barrels per day by 2029, demonstrates that management is committed to long-term oil production (long oil). In my view, COP's high-quality assets make it a prime pick if Middle East volatility pushes Brent above $80 again. ConocoPhillips is currently covered by 18 Wall Street analysts, most of whom hold a bullish outlook. The stock carries a Strong Buy consensus rating with 16 analysts assigning a Buy, and only two a Hold rating over the past three months. COP's average price target of $113.50 suggests approximately 26% upside potential over the next twelve months. The Israel-Iran ceasefire may have taken some heat out of oil prices, but expecting long-term stability feels premature. ExxonMobil, Chevron, and ConocoPhillips each bring something unique to lean on for those who want to remain long oil: Exxon's global muscle, Chevron's enduring diversification, and Conoco's shale-fueled agility. With the Strait of Hormuz still a flashpoint and both sides itching to break the truce, these oilers are well-placed to capitalize on any price surges. Substantial dividends and smart plays (from recent acquisitions to bets on alternatives) make them dependable portfolio anchors. And if tensions flare up again in the Middle East, these three could deliver standout gains. Disclaimer & DisclosureReport an Issue Sign in to access your portfolio
CNN
2 hours ago
- CNN
UAE Minister on deploying AI to improve quality of life
Flights were cancelled across the Gulf, Oman announced the introduction of income tax, and Ronaldo reportedly earned $275 million over the last year.
