Defying the naysayers, the Emirates Group has continued its unbroken string of annual profit, posting for the 21st consecutive year, a net profit of AED 1.49 billion (US$406 million) for the year ending 31 March 2009.

Clearly not escaping the economic crisis however, the figure was down a whopping 80.4 per cent from last year’s record profi ts of AED 5.0 billion ($1.37 billion). Revenues rose 9.9 per cent to AED 44.2 billion ($12 billion) from AED 40.2 billion ($10.95 billion) in the previous year.

Emirates SkyCargo also performed well despite the record high fuel prices in the beginning of the year and the global economic slump beginning towards the end of 2008.

The cargo division carried 1.4 million tonnes of cargo, an improvement of 9.8 per cent over the previous year’s 1.3 million tonnes helping revenue to increase by 14.8 per cent to AED 7.7 billion ($2.1 billion), up from AED 6.7 billion ($1.8 billion) in 2007-08. Cargo revenue contributed nearly 19 per cent to the airline’s total transport revenue.

Emirates SkyCargo also took delivery of its first 777 freighter at the end of the financial year, bringing the total freighter fleet to eight aircraft – including seven 747Fs, and the new 777F operated by Emirates. In all, Emirates SkyCargo carried freight in 132 aircraft, including belly space in the passenger fleet, to 99 cities on six continents.

The carrier is undeterred by the serious downturn in the air cargo market, pledging to continue with what some industry watchers have deemed to be an over-ambitious expansion plan, which includes taking delivery of 18 new aircraft in the coming year.

“We will progress with our fl eet and route expansion plans,” said Emirates chairman and chief executive, Sheikh Ahmed bin Saeed Al-Maktoum. “With our strong business fundamentals and track record, we have had no problems securing financing for our growth. In fact, to date we have already secured financial commitments for over half of our aircraft deliveries in the coming year.”

The group also retained a healthy cash balance of AED 8.7 billion ($2.4 billion) compared with AED 14 billion ($3.8 billion) the previous year.

Remarkably the cash position exists despite funding substantial new aircraft orders, new construction projects to build a twin tower hotel and staff accommodation, dividends paid to the company’s owners, and massive product and service investments including the hundreds of millions of dollars invested to develop dedicated Emirates Lounges across the network and retrofitting aircraft to align the interiors across the young fleet.