{"id":7337,"date":"2018-05-09T13:54:22","date_gmt":"2018-05-09T09:54:22","guid":{"rendered":"http:\/\/middleeastevents.com\/blog\/?p=7337"},"modified":"2018-05-09T13:54:22","modified_gmt":"2018-05-09T09:54:22","slug":"emirates-group-announces-2017-18-results","status":"publish","type":"post","link":"https:\/\/www.middleeastevents.com\/blog\/emirates-group-announces-2017-18-results\/","title":{"rendered":"Emirates Group Announces 2017-18 Results"},"content":{"rendered":"

The Emirates Group today announced its 30th consecutive year of profit and steady business expansion.<\/p>\n

Released today in its\u00a02017-18 Annual Report, the Emirates Group posted a\u00a0profit\u00a0of AED 4.1 billion (US$ 1.1 billion) for the financial year ended 31 March 2018, up 67% from last year. The Group\u2019s\u00a0revenue\u00a0reached AED 102.4 billion (US$ 27.9.billion), an increase of 8% over last year\u2019s results, and the Group\u2019s\u00a0cash balance\u00a0increased 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.<\/p>\n

In line with the overall profit, the Group declared a\u00a0dividend\u00a0of AED 2.0 billion (US$ 545 million) to the Investment Corporation of Dubai.<\/p>\n

His Highness (H.H.) Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group, said: \u201cBusiness 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.<\/p>\n

\u201cWe\u2019ve 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.\u201d<\/p>\n

In 2017-18, the Group collectively invested\u00a0AED\u00a09.0 billion\u00a0(US$\u00a02.5 billion) in new aircraft and equipment, the acquisition of companies, modern facilities, the latest technologies, and staff initiatives.<\/p>\n

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.<\/p>\n

dnata\u2019s 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.<\/p>\n

Sheikh Ahmed said: \u201cWhile 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.\u201d<\/p>\n

Across its more than 80 subsidiaries, the Group\u2019s\u00a0total workforce\u00a0declined by 2% to 103,363, representing over\u00a0160\u00a0different nationalities, as part of the overall productivity improvement initiatives in Emirates and dnata.<\/p>\n

Sheikh Ahmed concluded: \u201cLooking 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.\u201d<\/p>\n

Emirates\u00a0performance<\/p>\n

Emirates\u2019\u00a0total passenger and cargo\u00a0capacity\u00a0crossed the 61 billion mark, to 61.4 billion ATKMs at the end of 2017-18, cementing its position as the world\u2019s largest international carrier. The airline moderately increased capacity during the year over 2016-17 by 2%, with a focus on yield improvement.<\/p>\n

Emirates received 17\u00a0new aircraft, after last year\u2019s record number during a financial year, comprising of eight A380s and nine Boeing 777-300ERs. At the same time, eight older aircraft were phased out, bringing its total fleet count to 268 at the end of March. This fleet roll-over involving 25 aircraft was again one of the largest managed in a year, keeping Emirates\u2019 average fleet age at a youthful 5.7 years.<\/p>\n

It underscores Emirates\u2019 strategy to operate a young and modern fleet which is better for the environment, better for operations, and better for customers. The airline remains the world\u2019s largest operator of the Boeing 777 and A380 \u2013 both aircraft being amongst the most modern and efficient wide-bodied jets in the sky today.<\/p>\n

During the year, Emirates launched\u00a0two new passenger destinations: Phnom Penh (Cambodia) and Zagreb (Croatia). It also added flight capacity to 15 existing destinations, offering customers more choice of flight timings and onward connections.<\/p>\n

Emirates also grew its global connectivity and customer proposition through strategic\u00a0partnerships<\/strong>. During 2017-18, Emirates entered into significant partnerships with flydubai and Cargolux, expanding the choice of air services on offer to passenger and cargo customers respectively. Emirates also received authorisation to extend its partnership with Qantas until 2023.<\/p>\n

In spite of political challenges impacting traveller demand and fare adjustments due to a highly competitive business environment, Emirates managed to increase its\u00a0revenue<\/strong>\u00a0to AED\u00a092.3 billion (US$\u00a025.2\u00a0billion). The decline of the US dollar against currencies in most of Emirates\u2019 key markets for the first time in a number of years had an AED 661 million (US$ 180 million) positive impact to the airline\u2019s bottom line.<\/p>\n

\"\"<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

The Emirates Group today announced its 30th consecutive year of profit and steady business expansion. Released today in its\u00a02017-18 Annual Report, the Emirates Group posted a\u00a0profit\u00a0of AED 4.1 billion (US$ 1.1 billion) for the financial year ended 31 March 2018, up 67% from last year. The Group\u2019s\u00a0revenue\u00a0reached AED 102.4 billion (US$ 27.9.billion), an increase of […]<\/p>\n","protected":false},"author":1,"featured_media":7339,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-7337","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.middleeastevents.com\/blog\/wp-json\/wp\/v2\/posts\/7337","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.middleeastevents.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.middleeastevents.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.middleeastevents.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.middleeastevents.com\/blog\/wp-json\/wp\/v2\/comments?post=7337"}],"version-history":[{"count":1,"href":"https:\/\/www.middleeastevents.com\/blog\/wp-json\/wp\/v2\/posts\/7337\/revisions"}],"predecessor-version":[{"id":7340,"href":"https:\/\/www.middleeastevents.com\/blog\/wp-json\/wp\/v2\/posts\/7337\/revisions\/7340"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.middleeastevents.com\/blog\/wp-json\/wp\/v2\/media\/7339"}],"wp:attachment":[{"href":"https:\/\/www.middleeastevents.com\/blog\/wp-json\/wp\/v2\/media?parent=7337"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.middleeastevents.com\/blog\/wp-json\/wp\/v2\/categories?post=7337"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.middleeastevents.com\/blog\/wp-json\/wp\/v2\/tags?post=7337"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}