The Emirates Group has declared a revenue generation of $14.8 billion for the first six months of its 2018-19 financial year, saying the figure represents a 10 per cent increase from the $13.5 billion recorded during the same period last year.
The Emirates said it saw steady revenue growth compared to the same period last year, but noted that profits were impacted by the significant rise in oil prices, and unfavourable currency movements in certain markets, amidst other challenges for the airline and travel industry.
Profitability was down 53 per cent compared to the same period in 2017, with the Group reporting a 2018-19 half-year net profit of about $296 million. The profit erosion was primarily due to the significant increase in fuel prices of 37 per cent compared to the same period last year, as well as the negative impact of currencies in certain markets.
The Group’s cash position on September 30, 2018 was at $5.9 billion compared to $6.9 billion) as at March 31, 2018.
Emirates also disclosed that in the first six months of 2018, its employee base reduced by 1% compared to March 31, 2018, from an overall average staff count of 103, 363 to 101,983.
This was largely a result of natural attrition, together with a slower pace of recruitment as the business continues its various internal programmes to improve efficiency through the implementation of new technology and workflows.
During the first six months of 2018-19, Emirates received 8 wide-body aircraft – 3 Airbus A380s, and 5 Boeing 777s, with 5 more new aircraft scheduled to be delivered before the end of the financial year.
It also retired seven older aircraft from its fleet with further four to be returned by March 31, 2019. The airline’s long-standing strategy to invest in the most advanced wide-body aircraft enables it to improve overall efficiency and provide better customer experiences.
Emirates carried 30.1 million passengers between April 1, 2018 and September 30, 2018, up 3 per cent from the same period in 2017.
The volume of cargo uplifted at 1.3 million tonnes is largely unchanged while yield improved by a healthy 11 per cent. his performance is the result of Emirates SkyCargo’s focussed investments in products and services tailored to key sectors, which gives it a strong competitive edge in a recovering global air freight market.
His Highness (HH) Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group said, “the next six months will be tough, but the Emirates Group’s foundations remain strong.
I’m pleased to note that our home and hub in Dubai continues to attract travel demand, as the airline saw 9 per cent more customers enjoying Dubai as a destination in the first half of 2018-19 compared to the same period last year.