The Emirates Group posted a record profit of AED8.2 million (US$2.2 billion) for the financial year ending March 31, 2016, a year-on-year increase of 49.1%, according to results released by the company.

This was the group’s 28^th consecutive year of profit.

“Emirates and dnata delivered record profits, solid business results, and continued to grow throughout 2015-16,” said Ahmed bin Saeed Al Maktoum, chairman and chief executive of Emirates Airline and Group. “Against an unfavourable currency situation which eroded our revenues and profits, an uncertain global economic environment dogged by weak consumer and investor sentiment, as well as ongoing socio-political instability in many regions around the world, the group’s performance is testament to the success of our business model and strategies.”

According to the airline, the SkyCargo division, which transported 2.5 million tonnes of freight in 2015-16, continued to be the world’s largest international air cargo carrier in terms of freight tonne kilometres, and accounted for approximately 14% of Emirates’ total transport revenue.

Freighter operations were launched to Ahmedabad, Algiers, Ciudad del Este, Columbus and Ho

Chi Minh City, and the airline took delivery of a Boeing 777F in September 2015.

On the passenger side, Emirates also received 16 Airbus A380s and 12 777-300ERs during the year, and had a fleet of 236 widebody passenger aircraft and 15 freighters at the end of March 2016.

Al Maktoum said that some of the challenges in the year ahead were the strong US dollar, the “looming threat of protectionism in some countries,” as well as low oil prices, which are beneficial to the company’s operating costs but not to global business and consumer confidence.

“However, we enter the new financial year with confidence, backed by a robust balance sheet, solid track record, diverse global portfolio, and international talent pool,” he said. “We will continue to evolve and grow our business profitably, and work even harder to meet and exceed our customers’ expectations.”