Emirates Group, the parent company of the Dubai airline and aviation services company dnata, will pay out AED1 billion ($286 million) to its 84,153 staff later this month in performance bonuses, just days after the government-owned company reported the second-highest profit in its thirty-year history.
Last week, the group announced a profit for the financial year ended March 31 of AED5.5 billion ($1.5 billion). A rise of 34 percent year-on-year, it represented the group's 27th consecutive year in profit and came on the back of a 10 percent yearly rise in revenue to $26.3 billion.
An Emirates spokesperson confirmed that "total profit share payment to staff for the financial year 2014-15 is AED1.0bn ($286m)" and "this payment is part of Emirates' and dnata’s employee costs of the financial year and therefore included in the total group profit of AED5.5 billion".
Sources at the group told Arabian Business staff had been given nine weeks salary as part of their bonus payment. While it had been speculated the bonuses would be paid in two tranches, an Emirates spokesperson confirmed the payments to staff will be made in one tranche as part of their May salary payments.
Emirates Group has 84,153 staff in total across Emirates Airline and dnata and the bonus payment works out at an average of around $3,398 per employee.
According to its financial results issued last week, Emirates Airline - which posted a profit of $1.25 billion, as revenue rose 7 percent to $24.2 billion - employs 56,725 members of staff, a rise of 8 percent year-on-year.
Its total wage bill for the financial year ended March 31 amounted to AED11.9 billion, up 16 percent year-on-year. This accounted for 14 percent of total costs and was the airline's second biggest expense.
Revenue per airline employee was AED1,939,000, roughly the same as the previous year.
Aviation services firm dnata, which recorded a profit of $247 million, on the back of a 36 percent rise in revenue to $2.8 billion, employs a total of 27,428 staff, a year-on-year increase of 19.4 percent.
Its total wage bill for the year was AED3.7 billion, up 15 percent year on year and representing 40 percent of its total costs and its biggest single expense. Revenue per dnata employee was AED440,000, up 24 percent year-on-year.For all the latest industry news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.