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DUBAI / WAM
The Emirates Group on Wednesday announced its 30th consecutive year of profit and steady business expansion.
Released in its 2017-18 annual report, the Emirates Group posted a profit of AED4.1 billion ($1.1 billion) for the financial year ended on March 31, 2018, up 67% from last year.
The group’s revenue reached AED102.4 billion, an increase of 8% over last year’s results, and the group’s cash balance increased by 33% to AED25.4 billion ($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 AED2.0 billion to the Investment Corporation of Dubai.
HH 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.â€
In 2017-18, the group collectively invested AED9.0 billion in new aircraft and equipment, acquisition of companies, modern facilities, the latest technologies, and staff initiatives. Emirates announced two significant commitments for new aircraft during the year: a $15.1 billion agreement for 40 Boeing 787-10 Dreamliners which will be delivered from 2022, and a $16 billion agreement for 36 additional A380 aircraft, including 16 options.
