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  • Emirates full-year profit rebounds despite continuing pressures

Emirates full-year profit rebounds despite continuing pressures

Emirates Group has turned in a full-year profit of Dhs4.1 billion ($1.1 billion), including a profit of Dhs2.8 billion for the Emirates airline division.

The group profit, for the year ending 31 March 2018, is up by two-thirds on the previous annual figure – which had been badly affected, the company said, by geopolitical events.

Emirates Group revenues increased by 8% to Dhs102 billion. The airline operation increased its revenues by 9% to Dhs92.3 billion, the company states.

Business conditions improved over 2017-18 but rising oil prices have increased costs, and the company has faced "downward pressure" on margins from "relentless" competition, says chairman Sheikh Ahmed bin Saeed Al Maktoum.

He adds that the environment for Emirates "remained tough" with continuing political instability, volatility with currencies, and devaluation in Africa.

"On the positive side, we benefited from a healthy recovery in the global air cargo industry," he says.

Ground-handling firm Dnata turned in strong revenues of Dhs13.1 billion and its highest profit of Dhs1.3 billion.

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