Solid business growth in line with capacity increases leading to a record revenue of more than AED 100 billion (US$ 27.2 billion) for the 1st time
Improved cash balance of AED 25.4 billion (US$ 6.9 billion) Declares a dividend of AED 2.0 billion (US$ 545 million) to the Investment Corporation of
Dubai
Emirates reports a profit of AED 2.8 billion (US$ 762 million), 124% better
than the previous year
Airline capacity crosses 61 billion ATKM with a net addition of 9 new aircraft to the fleet Revenue increases by 9% to AED 92.3 billion (US$ 25.2 billion), supported by strong cargo
performance
dnata makes highest profit ever, at AED 1.3 billion (US$ 359 million) Record revenue of AED 13.1 billion (US$ 3.6 billion) reflects further business expansion,
with international business now accounting for 68% of revenue . Expands global footprint with ground handling acquisitions in the Americas, adds new
facilities and service capabilities across its airport operations, catering, and travel services
divisions
DUBAI, UAE, 9 May 2018 – The Emirates Group today announced its 30th
consecutive year of profit and steady business expansion.
Released today in its 2017-18 Annual Report, the Emirates Group posted a
profit of AED 4.1 billion (US$ 1.1 billion) for the financial year ended 31
March 2018, up 67% from last year. The Group’s revenue reached AED 102.4
billion (US$ 27.9.billion), an increase of 8% over last year’s results, and the
Group’s cash balance increased by 33% 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.
“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.”
In 2017-18, the Group collectively invested AED 9.0 billion (US$ 2.5 billion) in
new aircraft and equipment, the acquisition of companies, modern facilities, the
latest technologies, and staff initiatives.
Emirates announced two significant commitments for new aircraft during the
year: a US$ 15.1 billion agreement for 40 Boeing 787-10 Dreamliners which
will be delivered from 2022, and a US$ 16 billion agreement for 36 additional
A380 aircraft, including 16 options.
dnata’s key investments during the year included: acquisition of AirLogistix
USA, marking its entry in the US cargo market; expansion of cargo handling
capabilities with new warehouses and equipment at London Gatwick,
Amsterdam-Schiphol, and Adelaide; new catering facilities in Dublin and
Melbourne; and new marhaba lounges in Karachi and Melbourne.
Sheikh Ahmed said: “While expanding our business and growing revenues, we
also tightened our cost discipline. Across the Group, we progressed various
initiatives to rebuild and streamline our back office operations with new
technology, systems and processes. In 2017-18, our reduced recruitment
activity, coupled with restructured ways of working gave us gains in
productivity, and a slowdown in manpower cost increases.”
Across its more than 80 subsidiaries, the Group’s total workforce declined by
2% to 103,363, representing over 160 different nationalities, as part of the
overall productivity improvement initiatives in Emirates and dnata.
Sheikh Ahmed concluded: “Looking ahead, Emirates and dnata remain focussed
on delivering safe, efficient and high quality services consistently to our
customers. Our ongoing investments in our people, technology, and
infrastructure will help us maintain our competitive edge, and ensure that we are
ready to meet the opportunities and stay on course for sustainable and profitable
growth.”
Emirates performance