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ICT4D Week 2018

Wednesday, May 16, 2018

Emirates in 30th consecutive profit year

The Emirates Group has announced its 30th consecutive year of profit and steady business expansion, reports ITRealms.

Made available to ITRealms, Emirates Group in its 2017-18 Annual Report, posted a profit of AED 4.1 billion (US$ 1.1 billion) for the financial year ended 31 March 2018, up 67 per cent from last year.

The Group’s revenue reached AED 102.4 billion (US$ 27.9.billion), an increase of 8 per cent over last year’s results, and the Group’s cash balance increased by 33 per cent 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,” chairman said.


“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.”

Ayo Midele/GEE

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