If we really only made 1.5 billion last year (which I doubt) it would be demonstrable that we have the worst managers and return on investment in the business.
Close your eyes and think of the number of aircraft we have, the DXB terminals, the DWC infrastructure, and then think of how that might compare to Ryanair's assets. Then have a guess at Ryanair's profits last year.
As a viable business model, judged on returns, Emirates is the joke of the industry.