DUBAI: In its 2017-18 annual report, the Emirates Group posted a profit of AED4.1 billion ($ 1.1 billion) for the financial year ended 31 March 2018, up 67% from last year. The Group’s revenue reached AED102.4 billion ($27.9 billion), an increase of 8% over last year’s results, and the group’s cash balance increased 33% to AED25.4 billion ($ 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 AED2 billion ($ 545 million) to the Investment Corporation of Dubai. Emirates Airline and Group Chairman and Chief Executive Sheikh Ahmed bin Saeed Al Maktoum said, “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.”
Published in The Express Tribune, May 20th, 2018.
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