GTB 737 banner Yudala banner

Emirate Airlines announces $670m profit

By Sumaila Ogbaje on 11/05/2017

Share on facebook Yahoo mail icon Gmail icon

Views: 345


Emirate Airlines said it recorded profit of 670 million dollars in its 2016/2017 financial year, which ended on March 31, 2017.

The airline, which made this known in a statement by its spokesman, Ijeoma Okolie, on Thursday in Abuja, said that the performance reflected steady business growth in 29 consecutive years.

It said that Emirate Group’s revenue also rose to 25.8 billion dollars during the year, with an increase of two per cent from the 2015/2016 operation period.

It announced a cash balance of 5.2 billion dollars, but stated that the figure represented 19 per cent drop from the preceding period’s record.

The airline attributed the decrease in the cash balance for the period to the repayment of two bonds on maturity and investment into its fleet and aircraft-related assets.

It said that its workforce was currently over 105,000 and that its capacity crossed 60 billion available tonne kilometres.

It added that it acquired 35 new aircrafts and “retired’’ 27 older aircrafts during the year.

The statement quoted the Chairman of the airline, Ahmed Al Maktoum, as saying, “Emirates and dnata have continued to deliver profits and grow the business, in spite of 2016-17 being one of our most challenging years to date.

“Over the years, we have invested to build our business capabilities and brand reputation.

“We now reap the benefits as these strong foundations have helped us to weather the destabilising events which have impacted travel demand during the year – from the Brexit vote to Europe’s immigration challenges and terror attacks.

“It is also from new policies impacting air travel into the US, to currency devaluation and funds repatriation issues in parts of Africa, and the continued knock-on effect of a sluggish oil and gas industry on business confidence and travel demand.”

Ahmed said that Emirate Group collectively invested 3.7 billion dollars in new aircraft and equipment, acquisition of companies, modern facilities, latest technologies, and staff initiatives.

He added that the investments would further strengthen the group’s resilience and extend its competitive edge as well as adapt its businesses to the volatile business climate and fast-changing consumer expectations.

According to him, Emirate remains optimistic for the future while expecting the year ahead to remain challenging with hyper competition squeezing airline yields.

“Emirate and dnata will stay attuned to the events and trends that impact our business, so that we can respond quickly to opportunities and challenges.

“We will also progress on our digital transformation journey.

“We are redesigning every aspect of how we do business, powered by an entirely new suite of technologies.

“Our aim is to deliver more personalised customer experiences, and seamless customer journeys, and make our operations and back-office functions even more efficient.

“Across its more than 80 subsidiaries and companies, the Group increased its total workforce by 11 per cent to over 105,000-strong, representing over 160 different nationalities,” Ahmed added. (NAN)

Source News Express

Posted 11/05/2017 9:12:06 PM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

 

You may also like...
Nigeria loses World War II veteran who was...

You have no right to hold Nigeria to...

Bank chief arrested for fraud . . ....

Nigerian executed in Singapore for drug offences despite...

ABUJA AIRPORT SHUT, passengers stranded

BREAKING: INEC bows to pressure, postpones Edo governorship...

Judges Arrest: NJC, an embodiment of bias, corruption,...

CBN releases list of items valid for forex...

Ex-Governor Obi to Nigerians: Don’t celebrate my birthday,...

TOLA ADENIYI: Chances, Choices and Consequences

Ambode running anti-people government — Save Lagos Group...

Akwa Ibom indigenes celebrate son’s appointment as GOC...

 

Latest News Nigerian Army launches books on critical thinking 82 Boko Haram fighters die in battle •No LGA under terrorists’ control — Army South African policemen rob Nigerian man of $61,000 Notorious Lagos cultist re-arraigned Arms factory discovered in Abuja, suspects nabbed Send your wards to Nigerian schools, JAMB tells political elite Ghost worker on trial over N11m fraud Borno APC Coalition rejects Modu Sheriff Manufacturers want 7-year tax break West and Central African youth endorse campaign for greater participation in the political process Aiteo shuts Nembe creek trunk line over leakage Buhari’s aide hails Liberia’s willingness to implement beneficial ownership transparency

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (278,799 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (260,755 views) Shameless Genevieve Nnaji exposes breasts in public (211,680 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (177,826 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (176,803 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (158,507 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (136,785 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (126,813 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (120,404 views) Lagos plane crash: Journalist releases victims’ names (111,264 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (110,442 views) APC cries foul as PDP’s Fayose takes early lead in Ekiti governorship election (102,806 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (28) Business (2,695) Business Verdict (22) Columnists (744) Complaints & Requests (93) Enterprise & Opportunities (178) Entertainment (378) Features (489) Global Business Monitor (178) International (1,544) Interviews (130) Live Commentary (28) Love Matters (73) News (28,609) Opinion (809) Pidgin (8) Politics (3,939) Religion (627) Sports (1,323) Stock Watch (23) AMA & Al Jazeera Global Update

 

UBA mobile app

CBN words on marble advert

 

 

Manchester United vs Everton 4-0 All Goals & Extended Highlights

 

APO Newsbreak logo

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!