Emirates Group profit rockets by 77%
On Thursday, the Emirates Group announced its interim results, to September 30. Read More » The Group saw steady revenue growth and a rebound in profitability compared with the same period a year ago, in spite of continuing downward pressure on yields and a rising oil price.
Emirates Group revenue was AED49.4 billion (US$13.5 billion) for the six months of its 2017-18, up 6% year-on-year.
Profitability rebounded after a low during the same period in 2016, with the Emiratis reporting a 2017-18 half-year net profit of AED2.3 billion (US$631 million), up 77%. The group, which includes full-service Emirates Airline and low-cost flydubai, said the results was driven by capacity optimisation and efficiency initiatives across the company, steady business growth and more favourable foreign exchange circumstances. Emirates Group had AED18.9 billion (US$5.2 billion) in cash reserves as of September 30.
Chairman and CEO of Emirates Airline and Group, Sheikh Ahmed bin Saeed Al Maktoum, said: “Our margins continue to face strong downward pressure from increased competition. Oil prices have risen and we still face weak economic and uncertain political realities in many parts of the world. Yet the Group has improved revenue and profit performance. This speaks to the resilience of our business model and the agility of our people.”
Emirates Airline took delivery of ten wide-body aircraft from April to September - four A380s and six B777s. Nine more aircraft are to be delivered before March 31 next year. The airline launched routes to Zagreb and Phnom Penh, growing its network to 156 destinations in 84 countries, during the reported period.