Emirates announces $1.1b profit in 2018
The Emirates Group has announced a profit of AED 4.1 billion, equivalent to $1.1 billion for the financial year ended March 31, 2018. In an email copied to ghanabusinessnews.com, Emirates said this is its 30th consecutive year of profit and steady business expansion.
According to the airline Group, the profit is up 67 per cent from 2017. It notes also that its revenue reached AED 1o2.4 billion or $27.9 billion, which is an increase of 8 per cent over the previous year’s results, and the Group’s cash balance increased by 33 per cent to $6.9 billion supported by the bond issued in March and strong sales due to the Easter holidays at the end of March, it added.
It indicates that in 2017-18, the Group collectively invested AED 9.0 billion or $ 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 $15.1 billion agreement for 40 Boeing 787-10 Dreamliners which will be delivered from 2022, and a $16 billion agreement for 36 additional A380 aircraft, including 16 options,” it said.
The airline Group also reported that it carried a record 58.5 million passengers (up 4 per cent), and achieved a Passenger Seat Factor of 77.5 per cent.
“The increase in passenger seat factor compared to last year’s 75.1 per cent, is a result of successful capacity management in response to political uncertainty and strong competition in many markets despite a moderate 2 per cent increase in seat capacity.
Supported by the weakening of the US dollar against most currencies, passenger yield increased to 25.3 fils (6.9 US cents) per Revenue Passenger Kilometre (RPKM),” it added.
By Emmanuel K. Dogbevi
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