Go Back  PPRuNe Forums > PPRuNe Worldwide > Middle East
Reload this Page >

No EK profit share

Middle East Many expats still flying in Knoteetingham. Regional issues can be discussed here.

No EK profit share

Old 20th May 2009, 17:47
  #1 (permalink)  
Thread Starter
 
Join Date: Feb 2009
Location: dubai
Posts: 55
No EK profit share

Probably not much news but heard it said at one of the captain's conf. today. Direct From the horses mouth - No profit share
drop kick is offline  
Old 20th May 2009, 17:54
  #2 (permalink)  
 
Join Date: Jun 2001
Posts: 1,451
No real surprise there, but the way things have been going lately, I wouldn't have been completely surprised to see all staff except pilots get profit share this year.
Wiley is offline  
Old 20th May 2009, 18:34
  #3 (permalink)  
 
Join Date: May 2005
Location: dubai
Posts: 375
Well if ED said we won't get anything, then we will probably get 4 weeks!
mensaboy is offline  
Old 20th May 2009, 19:30
  #4 (permalink)  
 
Join Date: Sep 2003
Location: here
Posts: 260
So they have been delaying the end of year report and cooking the books so that we get no bonus..................they could have published the report and given us no bonus on time, why all the delay?

The delay is probably due to EK watching the financial markets, trying to sense the markets feelings!

A bonus given due to decent profits (real or virtual) for last year would save some face when compared to the bonuses of Air Arabia, Eithiad, Qatar etc. More importantly I think is that EK publishing a profit sends out a positive signal from Dubai, which needs something positive now. It also sends out positive signals to the people who finance the future aircraft orders. EK not making a profit last year would be worrying for Dubai and Boeing / Airbus.

Though I have no inside knowledge and will probably be proved wrong, I think we will get a bonus this year purely because it is important for EK to have made a profit!! Hence they are cooking the books as best the can to make it so!!!!
mini cooper is offline  
Old 21st May 2009, 01:28
  #5 (permalink)  
 
Join Date: Jun 2004
Location: Varies!
Posts: 727
But to get the minimum 2 weeks bonus, we would still need to achieve the target set last year. What was it, 1.2billion or something? With the current state of affairs, that's as likely as a sweet smelling fart.

However, let's look on the bright side. Hopefully a low target will be set this year and the following happens.

1) The global recession ends as quickly as it started.

2) The dollar continues its decline while revenue increases due to strong foreign currency.

3) The commercial department will hedge correctly on the price of oil ......for a change!

4) ERP will be back! (see point 2 above). The downside is that the usual moaning will start from those poor people who aren't entitled to it.

5) Passengers will also be back. This is because they are now to be referred to as a 'customer' instead of as a 'passenger'. Err........right.............

6) Half of our transport guys at EGHQ will be made redundant because someone will finally work out how to ask the same set of questions only once instead of three seperate times by three different people who all seem to wear the same scruffy unironed blue shirts, often without ties I might add!

7) Catering staff will also be culled because someone will finally realise that none of the pilots eat those soggy sandwiches or manky dried up vegetable sticks.

8) Monthly issue of CD's will stop. They will now be issued a month before a PPC as this is the only time that most people actually bother to look at them.

9) All overnight hotel meal allowances will stop. This will be replaced with all inclusive deals where we can choose anything we like, just as long as it's from the kids menu. This of course would exclude ice cream as this is normally extra.

10) Accommodation costs will be slashed. From now on, all crew will double up on rooms, with the Captain taking first choice as to who he gets to spend the night with. This would not apply in KL where a strict policy of single rooms would be enforced due to a previous abuse of the system.

11) Flight crew will be asked to provide their own laptops for T/O performance calculations. If it works for the DCPB, it sure as hell will for the rest of us.

12) 'World Maps', currently on display in all pilots briefing rooms (thank you for that as I often wondered where Israel was), will be distributed to other departments in the Airline. This may then give them some understanding of distance and time zones. Especially handy when someone from accommodation rings you at 2am in New York to ask you if the roof still leaks!

13) Pilot productivity at home ( how sad is that) could be improved by deleting all corporate comms messages. As much as i'm delighted to hear how our in house cricket team trashed the 'bengal bandits' or how we won the ' Best Middle East Airline to Karachi on a Sunday afternoon' award, I'd much rather spend time reading something that affects my job. Such as what really happened in J'burg, or Melbourne, Accra, Manchester.....etc.....etc.

14) Please stop reminding me that my mailbox is over its limit. If you stopped sending all those bloody corporate messages, it wouldn't be!

15) All pilots in Company transport that pass a SALIK toll will be required to put 4 dhs in a little pot marked 'Share the pain'. If you're fortunate enough to be travelling with a colleague, going dutch will be permitted.

Any more .............................a poo brown najam award for the best idea!
BYMONEK is offline  
Old 21st May 2009, 02:46
  #6 (permalink)  
 
Join Date: May 2004
Location: Down under land
Posts: 303
BYMONEK,

I pissed myself laughing reading your post - nice job....scary thing is that is so so so true! As for point #10...can we have that in our contract pleeeeeease?
Watchdog is offline  
Old 21st May 2009, 03:02
  #7 (permalink)  
 
Join Date: Jun 2001
Posts: 1,451
After reading BYMONEK's post, attempting to get back to treating this matter seriously only with extreme difficulty, (thanks BYMONEK - very droll, and all too accurate, particularly re those awful bloody ruined-by-plasticwrap sandwiches), I too thought we might get a nominal 2 weeks for 'face', just so they could say they'd paid a bonus, even in these hard times.

However, the level of 'low to no expectations' among crews is such that on my last trip, one of the FAs received an SMS from a friend while we were in the crew bus saying that we were getting three weeks bonus. Not one other person among the crew believed it for a moment, not even the fresh-faced Grade 2s.

I also heard from a very senior Indian Check Purser who has a friend in the EK finance department that might explain the delay in issuing the annual report. He says that his friend told him that EK delayed paying their fuel bills for the last month of the financial year so they could make it appear that they had still made a profit for the year. If they'd paid the fuel bill on time, the bottom line would not have been black.

Of course I can't confirm that, but this is a rumour site.
Wiley is offline  
Old 21st May 2009, 07:34
  #8 (permalink)  
Thread Starter
 
Join Date: Feb 2009
Location: dubai
Posts: 55
Personally I think this tactic of delaying the Profit share announcement is quite immorale, it has been leaked throught the commanders conference forum but still nothing official, without stating the obvious we are all working to earn money, part of our salary is the profit share which is a variable, however most of us all have families, lives and finances to plan.

When you consider that historically the profit share could be up to 20 % of our total income and is always paid in may's salary is it really to much to ask that we at least be told we are not getting one - 5 days before our salary is paid
drop kick is offline  
Old 21st May 2009, 09:04
  #9 (permalink)  
 
Join Date: May 2005
Location: Earth
Posts: 563
Gentlemen, may I suggest you go and have a look at the rules regarding 'Profit Share' payout's in Groupworld.

I can't remember the amount but we require a profit of several (approx 5) billion dhs before anything (2 weeks) is paid out, this will not happen this fiscal year.

What people are talking about is a 'present' from the Sheikh, it could be something... or just another hot air rumour.

It hardly will endear us to the mis-management when people start whining about planning their finances around a pay out, history has nothing to do with it, there is no way EK will make approx 5bn dhs profit. It's almost as bad as the guy who asked in one of the meetings how he could get more Uniform shirts... jeez
Fart Master is offline  
Old 21st May 2009, 09:07
  #10 (permalink)  
 
Join Date: Apr 2007
Location: Planet Janet (sand pit)
Posts: 66
Sadly I reckon we'll get jack profit share and I heard from a mate of a mate the main reason the results are being delayed is because EK is planning to change the financial year on which it reports.

That means there is the most almight book cooking session going on to manipulate things.

thefoxandfirkin is offline  
Old 21st May 2009, 11:52
  #11 (permalink)  
 
Join Date: Aug 2007
Location: In the CRC
Age: 45
Posts: 95
Just confirmed - No profit share this year.
linedriva is offline  
Old 21st May 2009, 11:53
  #12 (permalink)  
Moderator
 
Join Date: Jun 2001
Location: Sandpit
Posts: 1,380
Nothing this year. Letter on the portal from da boss man. Only made $408 million USD's, 70% off our profit share target

EGGW
EGGW is offline  
Old 21st May 2009, 11:56
  #13 (permalink)  
 
Join Date: Sep 2005
Location: Post-Pit and Lovin' It.
Posts: 845
Yep, it's official, no profit-share. Since we only made AED 1.49 billion (USD 406 million), instead of the target AED 5 billion (USD 1.3 billion), no way can we share any of that! My goodness, how will they get by on a paltry few hundred million dollars?!

Oh yeah, and the world is collapsing, the sky is falling, companies are collapsing, dogs and cats living together, etc etc etc.....*yawn*

Just as expected, back to sleep.

Chairman's Office


High and unstable fuel prices, slackening demand, currency fluctuations and the grim reality of the global economic meltdown - it all happened in our financial year 2008-2009. A crippling year, by any definition, that tested the Emirates Group to its very limits.

While others have been swept away in the maelstrom, the Emirates Group has survived it - but only just.

For the financial year 2008-09, we have returned a net profit of AED 1.49 billion (US$406 million), representing a 72 per cent decrease on the previous year's profit and 70 per cent below the group profit share target of AED 5 billion!

As your Chairman and colleague, I share your disappointment in not being able to enjoy a bonus this year, but we are woefully short of the target. This is also why we have cancelled the town hall style staff meeting that is traditionally held to celebrate our achievements.

While it might seem the fruits of our extraordinary grit and determination, hard work and improved efficiencies will go unrewarded, I would like you to consider this: we have managed to retain everyone, while others are slashing staff numbers; we have dramatically increased travel benefits for you and your extended family; we continue to invest in training and development, albeit in more rational ways; and above all, we have not reduced the quality of our award-winning services, which means we will be in an excellent position to capitalise on increasing demand after the financial storm abates.

Departments across the group are working hard to counter the economic crisis. Several have cost-saving measures firmly in place and projects across the organisation are being thoroughly scrutinised. The Secondment Programme has helped relocate colleagues from slower areas of the business to busier departments. The Unpaid Leave policy offers you the opportunity to take up interests or academics and fulfil plans that you probably could not pursue during your annual leave.

The rumours about these programmes resulting in redundancy are just that - rumours. Please remember that these programmes, and any others that we decide to implement, are temporary measures to help us tide over the crisis and we will be right back on track soon.

What does tomorrow hold for the Emirates Group?

Reflecting the global economic meltdown, the airline industry is predicted to lose US$4.7billion (AED 17.3 billion), adding to an industry debt of US$170 billion (AED 624 billion). The Emirates Group will not be immune to this financial meltdown predicted for the industry.

Experts have declared this the bleakest economic climate in living memory. Companies are crashing, industries are being wiped out and whole communities are suffering immense hardships around the world. Thirty airlines have gone bankrupt. The bigger challenge, of course, is that in the short-term there seems to be no end in sight.

All is not lost, however. Middle East passenger numbers are set to grow by 1.2 per cent, and while overall capacity will increase by 3.8 per cent, we are in the right place, geographically and business-wise, to leverage the predicted growth.

In fact, I believe 2009-2010 will be a year of satisfactory growth for the Emirates Group. Our plans remain on track. We do not intend to slow down, but will forge ahead, as we shape our services to meet the ever-changing demands of our clients around the globe.

We will be taking delivery of 18 new Boeing 777s and A380s this year, representing a 19.6 per cent increase in capacity measured in available tonne kilometres. This growth in capacity will bring a fresh set of challenges to the group.

You might have read my New Year's address in Safar, and the same message holds today. It is imperative that we all work together as one unit, with all hands on deck. We must continue to be flexible in customer service, adapt to the new world travel order, and remain vigilant with costs, without affecting the customer experience. This formula will ensure that despite softening demand, our expanded aircraft fleet continues to grace the skies worldwide, not grounded on the tarmac, and that Dnata proudly flies its 50th anniversary flag this year.

Speaking of Dnata, I'm very proud that the company at the very forefront of aviation in Dubai has not just achieved a 22 per cent increase in revenue last year, but has also ramped up its focus on quality, service and safety standards.

I have to say though that our bullish business plans stem from my confidence in each one of you. I'm often asked by media to pick the best asset of the Emirates Group from a list of aircraft, facilities and products. My answer has always been 'the incredible people of the Emirates Group'.

We need to build a win-win partnership where your loyalty, hard work and creativity are rewarded by the organisation's stability, security and progress, and when the profit share targets are met, with a bonus! Your drive and enthusiasm convinces me that we will emerge from this downturn stronger, fitter and in fine fettle for many more profitable years ahead.

And as for the profit share bonus target for next year, to be honest, given the ambiguity and the turmoil in our markets worldwide, it is difficult to compute those numbers just yet. Let the world economy stabilise and we will be in a better position to review and arrive at a target.

Thank you for being an extraordinary group of people - around 48,000 now - and for helping the Emirates Group ride the economic storm on its own terms.


Ahmed bin Saeed Al-Maktoum
Chairman & Chief Executive, Emirates Airline & Group
nolimitholdem is offline  
Old 21st May 2009, 13:23
  #14 (permalink)  
 
Join Date: Apr 2003
Location: UAE
Posts: 955
So, a $406M profit but no pay rise, no "contractual" 3% increment and no profit share.

As the profit (if any) for this year is likely to be a lot less than that next year's May pay packet should be really interesting. Don't know about sharing the pain but I think the worst is yet to come.
BigGeordie is offline  
Old 21st May 2009, 14:14
  #15 (permalink)  
 
Join Date: Jul 2007
Location: OMAL
Posts: 56
I don't know what you ""guys"" were promised during CCs.

All Cabin Crew were assured that there would be NO bonus/Profit share/Payrise, whatever, a couple of months ago during "Business Forums" !
The mainstream during thoses forums was: " If you are not part of the solution, you are part of the problem ".
Reminds me of very dark ages in Europe not such a long time ago.

Anyway,
Peanuts in May at EK, 10 weeks at SIA.
baob2oba is offline  
Old 22nd May 2009, 15:59
  #16 (permalink)  
 
Join Date: May 2009
Location: Dubai
Posts: 10
Let's take a closer look at the letter from the chairman, shall we...
A crippling year, by any definition, that tested the Emirates Group to its very limits.... others have been swept away in the maelstrom, the Emirates Group has survived it - but only just.... we have returned a net profit of AED 1.49 billion (US$406 million),
If it was the very limits, I'd expect to say a break-even result. US$406M is not a bad result for such a bad year, especially considering last year the profit was a billion.
70 per cent below the group profit share target of AED 5 billion!
You poor, greedy sods. Target????? The very thought of a "profit share target" dangled by the perfumed princes and eagerly eyed all year round by the minions sickens me. Keep your "profit share", just give me the 3% you promised me when I joined and stop "fiddling" with the current rates just because you don't feel like paying it.
As your Chairman and colleague, I share your disappointment in not being able to enjoy a bonus this year...
No, you don't. Please don't piss in our pockets. You don't share ANYthing about this years bad result except the news. And even that was weeks late while you fiddled with the books and decided which "appearance" to portray tous and the world.
I would like you to consider this: we have managed to retain everyone, while others are slashing staff numbers;
Everyone else pays the going rate. EK pays the vast majority of their Dubai-based staff PEANUTS. I'm referring to the cleaners, caterers, check-in staff, low-to-mid-level office desk-jockeys, etc. EK also somehow makes do with less of the staff other airlines somehow seem to require. Let's not even start with the licenced engineers, for example. So of course you can afford to keep people on while other airlines retrench.
we have dramatically increased travel benefits for you and your extended family;
Is this the ONE extra ID90 subload ticket per family member, per year? Doesn't that money go directly to EK's coffers anyway? So it's good for you, isn't it? Does it cost EK ANYthing???? Then why hold this as some sort of world-shaking initiative?? Is that your definition of "dramatically"?
we continue to invest in training
After all the hatchet-work in flight training over the rcent years - a single extra day of SEP. But of course, the references are never to Flight Ops, the ugly side of the airline which we all wish EK could do without.
above all, we have not reduced the quality of our award-winning services,
Isn't there a plan afoot to remove the L1 from the crew? Does his qualify as a reduction?
Departments across the group are working hard to counter the economic crisis. Several have cost-saving measures firmly in place and projects across the organisation are being thoroughly scrutinised.
We are all too familiar with the cost-cutters. Once again, please don't insult our intelligence with this Ed-style polishing of a turd.
The Unpaid Leave policy offers you the opportunity to take up interests or academics and fulfil plans that you probably could not pursue during your annual leave.
A month of unpaid leave?? Yeah, baby, let's all go do one of those Emirates College bullshit MBAs!
What does tomorrow hold for the Emirates Group?................I believe 2009-2010 will be a year of satisfactory growth for the Emirates Group. Our plans remain on track. We do not intend to slow down, but will forge ahead......
Sounds to me like things aren't that bad. Growth when everyone else is collapsing = no profit share and the contract being thrown out (3%).

Imagine..... just IMAGINE, people, what it'll be like if they should ever make a LOSS.
We will be taking delivery of 18 new Boeing 777s and A380s this year, representing a 19.6 per cent increase in capacity measured in available tonne kilometres. This growth in capacity will bring a fresh set of challenges to the group.
And who will be flying them, since pilot recruitment has fallen off to less than 50 for the year? Oh yes, that's right..... WE WILL. For no extra thanks to the adjusted overtime rates.
It is imperative that we all work together as one unit, with all hands on deck.
Boss, some people have had this outlook for many years before coming here to Emirates. The common theme seems to be the slow erosion of team-mindedness and the pro-company outlook, subsequent to arrival in the Middle East, all thanks to the actions and policies of your management.
Dnata, .........has not just achieved a 22 per cent increase in revenue last year, but has also ramped up its focus on quality, service and safety standards.
I 'd be pleased if they would simply answer their f***ing radio on the first or second call, for once.
I have to say though that our bullish business plans stem from my confidence in each one of you. I'm often asked by media to pick the best asset of the Emirates Group from a list of aircraft, facilities and products. My answer has always been 'the incredible people of the Emirates Group'.
Speechless.
We need to build a win-win partnership where your loyalty, hard work and creativity are rewarded by the organisation's stability, security and progress, and when the profit share targets are met, with a bonus! Your drive and enthusiasm convinces me that we will emerge from this downturn stronger, fitter and in fine fettle for many more profitable years ahead.
You had a win-win partnership in every pilot I know who has come here. It was thrown away by your short-term outlook British management years ago.
And as for the profit share bonus target for next year, to be honest, given the ambiguity and the turmoil in our markets worldwide, it is difficult to compute those numbers just yet. Let the world economy stabilise and we will be in a better position to review and arrive at a target.
Honest? Honest????? Sorry but I've found my definition of "honesty" and the Arab definition seem to vary wildly. We all know how things work around here and why it has been so difficult to compute the last year's performance. The only thing worse than the financial impact is the slap in the face by having our intelligence insulted in the same breath.

No disrespect at all to the chairman who in all likelihood didn't even write any of the above but if there's somehow one thing worse than being lied to, bullshitted, penny-pinched, having my contract unilaterally adjusted and on top of it all having my job threatened by my spineless management should I make a mistake....... it's being treated as if I'm a fu.c.king idiot on top of it all.
IdleRetard is offline  
Old 22nd May 2009, 16:09
  #17 (permalink)  
 
Join Date: Sep 2005
Location: Post-Pit and Lovin' It.
Posts: 845
BRILLIANT, balls-on deconstruction - first post no less! Keep them coming!

nolimitholdem is offline  
Old 22nd May 2009, 16:10
  #18 (permalink)  
 
Join Date: May 2009
Location: Dubai
Posts: 10
ERP will be back! (see point 2 above). The downside is that the usual moaning will start from those poor people who aren't entitled to it.
I do hope you jest. The dodgy, lying, thieving, penny-pinching practices of the pay dept and our own management aside, the presence of an ERP payment in your salary is not a good thing unless you like to spend all your income locally in Spinneys and Longs. For those repatriating their cash, the ERP payment is indicative of an unfavourable exchange rate we could do without. Only half the salary is recompensed and at a magic formula no one but them seems able to to decipher.
IdleRetard is offline  
Old 22nd May 2009, 20:20
  #19 (permalink)  
 
Join Date: May 2007
Location: Dark Ages
Posts: 68
Idle Retard

Your second post ...

I call it the post of the year!!

Keep em coming ....
EK Snorkel is offline  
Old 22nd May 2009, 21:02
  #20 (permalink)  
 
Join Date: Oct 1998
Location: OS
Age: 61
Posts: 190
Bymonek ??? 11)

11) Flight crew will be asked to provide their own laptops for T/O performance calculations. If it works for the DCPB, it sure as hell will for the rest of us.
This cannot be true!!!!!
Capt Groper is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Thread Tools
Search this Thread

Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information

Copyright 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.