Dubai-based international aviation company Emirates have announced its 28th consecutive year of profit and steady business expansion by posting a new companies record high profit amounting to $ 2.2 billion.

The group’s revenue reached $ 25.3 billion, a decrease of 3% over 2015’s results while the group’s cash balance increased strongly to $ 6.4 billion.

HH Sheikh Ahmed bin Saeed Al Maktoum, chairman and CEO of Emirates stated “Weak currencies and low fuel prices led to lower yields but these were not the only factors that influenced the loss but also socio-political factors. It has also created strong downward pressure on margins but the group’s performance is testament to the success of our business model and strategies.”

The freight volumes showed positive growth during 2015, and Emirates reported an increase of 7.2%  despite the dropping yields.

Tonnage was also up with 6% to a level of 2.5 million tonnes for 2015.  Emirates operated 29 new aircrafts, which is the highest number during any financial year.

Emirates added that “Skycargo continues to play an integral role in the company’s expanding operations, contributing 14% of the airline’s total transport revenue.”