Friday, November 16, 2018 – 5:30 p.m.
The Emirates Group announced semiannual results for 2018/2019, which showed steady revenue growth over the same period last year, but profits were affected by the significant increase in oil prices, currency fluctuations in some markets and other challenges faced by carriers and the travel industry. General.
Emirates Group revenue was A $ 54.4 billion ($ 14.8 billion) in the first six months of the fiscal year ended September 30, 2018, 10% above AED 49.4 billion ($ 13.5 billion) billion) ).
Earnings fell 53 percent compared to the same period last year. In the first half of fiscal year 2018/2019, the Group recorded a net profit of AED 1.1 billion ($ 296 million). The decline in profits was due to a 37% increase in fuel prices compared to the same period of the previous year, as well as to the negative effects of exchange rate fluctuations in some markets.
The Group's cash balances amounted to 21.5 billion dirhams (US $ 5.9 billion) on September 30, 2018 compared to 25.4 billion dirhams (US $ 6.9 billion) on 31 December. March 2018.
"Emirates and Dnata continued to grow steadily in the first half of fiscal year 2018," said Sheikh Ahmed bin Saeed Al Maktoum, CEO of Emirates Airline and Group. "The demand for our high quality products and services has remained high and we have maintained our customers and attracted new customers." However, high fuel costs and low exchange rates in major markets, such as India, Brazil, Angola and Iran, have exhausted about 4.6 billion dirhams of our profits. "
"We are working in advance to manage the many challenges facing Emirates and the travel industry, including continued pressure on revenues and turbulent economic and political conditions in our region and elsewhere." We will continue to increase efficiency by through the application of innovative technologies and platforms ".
"The next six months will be tough, but the Emirates Group will remain strong and I am very happy to see that our country and center in Dubai continues to attract travelers from all over the world.In the first half of fiscal year 2018/2019, 9 percent of the number of customers who have enjoyed visiting Dubai compared to the same period last year, and we are confident that demand for Dubai will continue to grow, especially as new attractions and preparations for Dubai Expo 2020 emerge. and ability to seize the opportunities, we continue to invest to better serve our customers with our high quality products that are valued. "
In the last six months, the number of Emirates employees decreased by 1% over March 31, 2018, from 103363 to 101,983, mainly due to the natural movement of workers and the rapid pace of recruitment through the adoption of new techniques and methodologies developed in many of the Group's departments. This has contributed to the efficiency of operations and the redistribution of available resources.