Emirates Group announces 2017-18 profit results

Group records 30th consecutive year of profit of AED 4.1 billion (US$ 1.1 billion)

The Emirates Group announced its 30th consecutive year of profit and steady business expansion. Released today in its 2017-18 Annual Report, the Emirates Group posted a profit of AED 4.1 billion (US$ 1.1 billion) for the financial year ended 31 March 2018, up 67% from last year. The Group’s revenue reached AED 102.4 billion (US$ 27.9.billion), an increase of 8% over last year’s results, and the Group’s cash balance increased by 33% to AED 25.4 billion (US$ 6.9 billion) supported by the bond issued in March and strong sales due to the early Easter holidays at the end of March.

In line with the overall profit, the Group declared a dividend of AED 2.0 billion (US$ 545 million) to the Investment Corporation of Dubai. His Highness (H.H.) Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group, said: “Business conditions in 2017-18, while improved, remained tough. We saw ongoing political instability, currency volatility and devaluations in Africa, rising oil prices which drove our costs up, and downward pressure on margins from relentless competition. On the positive side, we benefitted from a healthy recovery in the global air cargo industry, as well as the relative strengthening of key currencies against the US dollar.

“We’ve always responded to the challenges of each business cycle with agility, while never losing sight of the future, and this year was no exception. In 2017-18, Emirates and dnata delivered our 30th consecutive year of profit, recorded growth across the business, and continued to invest in initiatives and infrastructure that will secure our future success.”

In 2017-18, the Group collectively invested AED 9.0 billion (US$ 2.5 billion) in new aircraft and equipment, the acquisition of companies, modern facilities, the latest technologies, and staff initiatives.

Emirates announced two significant commitments for new aircraft during the year: a US$ 15.1 billion agreement for 40 Boeing 787-10 Dreamliners which will be delivered from 2022, and a US$ 16 billion agreement for 36 additional A380 aircraft, including 16 options.

dnata’s key investments during the year included: acquisition of AirLogistix USA, marking its entry in the US cargo market; expansion of cargo handling capabilities with new warehouses and equipment at London Gatwick, Amsterdam-Schiphol, and Adelaide; new catering facilities in Dublin and Melbourne; and new marhaba lounges in Karachi and Melbourne.

Sheikh Ahmed said: “While expanding our business and growing revenues, we also tightened our cost discipline. Across the Group, we progressed various initiatives to rebuild and streamline our back office operations with new technology, systems and processes. In 2017-18, our reduced recruitment activity, coupled with restructured ways of working gave us gains in productivity, and a slowdown in manpower cost increases.”

Across its more than 80 subsidiaries, the Group’s total workforce declined by 2% to 103,363, representing over 160 different nationalities, as part of the overall productivity improvement initiatives in Emirates and dnata.

Sheikh Ahmed concluded: “Looking ahead, Emirates and dnata remain focussed on delivering safe, efficient and high quality services consistently to our customers. Our ongoing investments in our people, technology, and infrastructure will help us maintain our competitive edge, and ensure that we are ready to meet the opportunities and stay on course for sustainable and profitable growth.”

US$ figures are converted at 1US$ = 3.67AED and are based on the full AED figures before rounding.

You might also like

Slider

Male cabin crew members soon on Vistara flights

The Delhi-headquartered airline has expanded its network to 21 destinations since its launch in January 2015, with over 660 flights a week operated by a fleet of 17 Airbus A320

Trending

Mandarin Oriental Milan launches Fornasetti Designer Experience

Mandarin Oriental, Milan has launched a luxury accommodation package for guests wanting to immerse themselves in the whimsical world of Italian designer Piero Fornasetti, one of the most original and creative

Trending

Nusa Dua Beach Hotel & Spa is a proud winner in the two categories of Bali Tourism Awards 2017

Nusa Dua Beach Hotel & Spa honored with “Bali Leading Thematic Resort” and “Bali Leading Resort in Nusa Dua” at Bali Tourism Awards 2017/2018. Nusa Dua Beach Hotel & Spa

Latest

A TRANQUIL DREAMY ESCAPE

For those in search of peace and solitude, the spiritual getaway of Rishikesh has aloha on the ganges that would leave you breathless with its enchanting ambience. For high-end luxury

Government

Tata airlines Vistara and AirAsia India gear up for international runways

Vistara to start flying abroad from July, AirAsia India sets year-end target Around two years after the government made it easier for airlines to fly abroad, two Tata group airlines

Destinations

Shillong airport to be north eastern hub

India’s Civil Aviation Ministry has chosen Shillong (Barapani) airport to be a regional hub in the country’s north east. The decision was made following a high level meeting with representatives from relevant

Destinations

VITS hotels worldwide marks its debut in the city of Taj with launch of VITS Agra

Hoping to cash in on the growing leisure travelers in the city of Taj, VITS Hotels Worldwide has launched its 4 star property ‘VITS Agra’. Prominently located on National Highway

Latest

Three new flights to three new destinations in just three days

Africa’s largest airline group, Ethiopian Airlines, is delighted to announce that it has finalized preparations to launch flights to three new destinations – Victoria Falls, Oslo and Antananarivo – within

Trends

STB partners with Vh1 for English music video by ‘Unstoppable’

The Singapore Tourism Board (STB) has added a first to its repertoire of promotional activities in India. The Board has partnered with popular music channel, Vh1 India, to launch a

Latest

Louvre Hotels Group announces the launch of its second property Golden Tulip Essential Jaipur

Louvre Hotels Group, a major player in the worldwide hotel sector has announced the launch of Golden Tulip Essential, an upscale smart hotel in Jaipur. With this property, Louvre Hotels

Travel Trade

SOTC Travel launches super holiday sale

SOTC Travel witnesses significant demand ahead of festive season with 20% hike in bookings SOTC Travel has observed huge demand in travel bookings for the upcoming festive season, with an

Transport

5 lucky winners to get refund for booking rail tickets through

The Indian Railways has launched a monthly lucky draw scheme to encourage the people to book train tickets through the BHIM app or UPI by giving the winners an opportunity

0 Comments

No Comments Yet!

You can be first to comment this post!