Emirates half-year profit grows by over 100 per cent

09 November 2017
Airline group makes remarkable recovery from dismal performance last year

Dubai-based Emirates Airline’s net profit rose by 111 per cent in the first half of the fiscal year that ends in March 2018.

The AED1.7bn ($452m) net profit was made on revenues of AED44.5bn, which is 6 per cent higher compared to the figure reported in the corresponding period last year.

Overall, the Group’s half-year revenue stood at AED49.4bn, with profit reaching AED2.3bn. These are 6 per cent and 77 per cent higher, respectively, compared to figures reported a year earlier.

The positive results are due to capacity optimisation and efficiency initiatives, easing of strong US dollar, and steady business growth, the company said in a statement.

The group’s first-half results contrasts strongly with its full year performance last year, where it reported profits of merely AED2.5bn ($670m), down 70 per cent from the previous year’s reported profits.

Its full year revenue last year grew by a mere 2 per cent to AED94.7bn, while cash balance decreased by 19 per cent to AED19.1bn.

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.