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Emirates unit Dnata looking for acquisitions after record year
[LONDON] Emirates Group's aviation services arm is looking for acquisition opportunities after the cash-rich unit reported a record profit.
"We're looking for good opportunities, solid opportunities, ones which we believe we can integrate into the business so we don't erode the quality and standards that we aspire to," Gary Chapman, president of Dnata and Emirates Group Services, said in an interview with Bloomberg TV.
Profit at Dnata crossed the 1 billion-dirham (S$372 million) mark for the first time in the fiscal year ending March 31.
Dnata, which has made a series of acquisitions in travel and airport operations globally over the last few years, has 3.5 billion dirhams in cash assets and is "confident" in replicating another year of profit despite tough market conditions, Mr Chapman said.
Dnata is returning to the Iranian market through travel services with a local partner but would "love" to resume ground- handling operations in the Islamic Republic depending on its ability to get a license, he said.
Mr Chapman said Emirates has financing covered for the 36 planes to be delivered in the current fiscal year.