NewsExpress advert FCMB banner Fidelity bank banner NewsExpress advert
Emirates Group announces 2017-18 results

By News Express on 11/05/2018

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 1,027


 

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 on Wednesday: “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 focused 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.”

Source News Express

Posted 11/05/2018 04:31:26 AM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

REVEALED: 3 natural ways to get stronger erections, last 25minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

 

You may also like...
Boko Haram regroups . . . targets Maiduguri...

Edwin Clark accuses Buhari, OBJ, Amaechi, Tinubu, Saraki,...

NLC hosts Ambode in Lagos

Adesina, proud export of Ogun State and Nigeria:...

WorldStage Economic Summit 2016 to address Nigeria’s unemployment...

FG will complete 2nd Niger bridge — Osinbajo...

Aviation fuel scarcity forces Arik to reduce domestic...

LCCI DG seeks more foreign investments in Nigeria’s...

Anambra youth group faults Adoke, EFCC and Obi...

Cross River launches campaign to end violence against...

Enough of the sacrilegious attacks and campaigns of...

Attack: Vacate oil facilities, militants tell Nigerians, foreigners...

 

Latest News Intervention Group recommends sack of IGP Ibrahim Idris •Says Nigeria about to collapse Intending RCCG couples to undergo mandatory genital tests Catholics to Buhari: End the killings or resign Boko Haram insurgency affects 14m people Teleology’s Nigerian shareholders in search of funds to close 9mobile deal Kwara shuts 40 illegal schools Okorocha: I am not leaving APC for any reason Okada operators ordered out of Awka, Onitsha Hope rises for Nigeria as oil nears $100 per barrel Stakeholders tackle customs over multiple cargo examination Ebonyi non-indigenes drum support for Umahi ATCON rejects CBN’s cyber security levy

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (345,365 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (342,072 views) Shameless Genevieve Nnaji exposes breasts in public (273,462 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (224,820 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (205,243 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (202,877 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (176,991 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (159,283 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (150,229 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (143,508 views) Lagos plane crash: Journalist releases victims’ names (140,038 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (132,434 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (41) Business & Economy (3,150) Business Verdict (43) Columnists (854) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (497) Features (598) Global Business Monitor (274) International (1,969) Interview (149) Live Commentary (28) Love Matters (120) News (35,530) Opinion (959) Pidgin (10) Politics (5,048) Religion (744) Sports (1,516) Stock Watch (29) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Boko Haram commanders surrender

 

APO Group Partner

 

 

CLASSIFIED ADS

REVEALED: 3 natural ways to get stronger erections, last 25minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement