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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