Subscribe Free
in Business & Finance

Emirates Group announces half-year performance for 2017-18

Posted 9 November 2017 · Add Comment

The Emirates Group has announced its half-year results for 2017-18. The Group saw steady revenue growth and a rebound on profitability compared to the same period last year, in spite of the continuing downward pressure on margins, a rise in oil prices, and other challenges for the airline and travel industry.

The Emirates Group revenue was AED 49.4 billion (US$ 13.5 billion) for the first six months of its 2017-18 financial year, up 6% from AED 46.5 billion (US$ 12.7 billion) during the same period last year. 

Profitability rebounded after a low during the same period last year, with the Group reporting a 2017-18 half-year net profit of AED 2.3 billion (US$ 631 million), up 77%.  This result was driven by capacity optimisation and efficiency initiatives across the company, steady business growth, and a more favourable foreign exchange situation compared to the same period last year.

The Group’s cash position on 30th September 2017 was at AED 18.9 billion (US$ 5.2 billion), compared to AED 19.1 billion (US$ 5.2 billion) as at 31st March 2017.

His Highness (HH) Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group said: “A lot of the credit for our 2017-18 half-year results goes to our talented workforce who have worked hard to improve our business performance, and address our challenges without compromising on quality and service.

“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.

“The easing of the strong US dollar against other major currencies helped our profitability. We are also seeing the benefit from various initiatives across the company to enhance our capability and efficiency with new technologies and new ways of working.  Moving forward, we will continue to keep a careful eye on costs while investing to grow our business and provide our customers with world-class products and services.” 

In the past six months, the Group’s employee base reduced by 3% compared to 31 March 2017, from an overall staff count of 105,746 to 102,669. This was largely a result of natural attrition together with a slower pace of recruitment, as various parts of the business adopted new technologies, streamlined business processes and re-allocated resources.

 

 

 

 

 

* required field

Post a comment

Other Stories
Advertisement
Latest News

SAMI acquires AEC

Saudi Arabian Military Industries (SAMI) has announced the signing of a Term Sheet Agreement to acquire 100% ownership in Advanced Electronics Company (AEC), which took place at a Saudi Arabia/UK industry event in London in the

Towering problem cut down to size

A new training course in Kuwait aims to help provide local air traffic controllers with the skills to take up positions in the nation’s control towers. Alan Dron reports.

Airways New Zealand and DGCA Lebanon open advanced ATC simulation facility

Airways New Zealand and the Directorate General of Civil Aviation (DGCA) Lebanon have officially opened an advanced air traffic control (ATC) simulation facility – future-proofing ATC training in Lebanon for decades to come.

Etihad Airways to launch seasonal summer flights to Alexandria

Etihad Airways will launch seasonal summer flights from Abu Dhabi to Alexandria.

IATA: Data, digital transformation to drive future customer experience

The International Air Transport Association (IATA) has urged aviation stakeholders to embrace data and digital transformation to help deliver a frictionless customer experience while enhancing safety and efficiency.

Gulf Air adds Maldives as it welcomes its third Airbus 320neo

Gulf Air has welcomed the airline’s third Airbus A320neo, which on October 26 will begin operating to Gulf Air’s newest destination – Male in the Maldives.

Luxivair SK2404240719
See us at
DIAC19_BT264161119Dubai AS BT2006211119MEBAA BT2006260919ACCA19_BT_2404091019