The Emirates Group has announced its half-year results for 2017-18, with revenue posted at US$ 13.5 billion for the first six months, up 6% from US$ 12.7 billion during the same period last year.
The Group saw steady revenue growth and a rebound on profitability compared to the same period last year, in spite of the continuing downward pressure on margins, a rise in oil prices, and other challenges for the airline and travel industry.
Profitability rebounded after a low during the same period last year, with the Group reporting a 2017-18 half-year net profit of US$ 631 million, up 77%.
This result was driven by capacity optimisation and efficiency initiatives across the company, steady business growth, and a more favorable foreign exchange situation compared to the same period last year.
The Group’s cash position on September 30, 2017 was at US$ 5.2 billion, compared to US$ 5.2 billion as at March 31, 2017.
His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group said: “A lot of the credit for our 2017-18 half-year results goes to our talented workforce who have worked hard to improve our business performance, and address our challenges without compromising on quality and service.
“Our margins continue to face strong downward pressure from increased competition, oil prices have risen, and we still face weak economic and uncertain political realities in many parts of the world. Yet, the Group has improved revenue and profit performance. This speaks to the resilience of our business model, and the agility of our people.
“The easing of the strong US dollar against other major currencies helped our profitability. We are also seeing the benefit from various initiatives across the company to enhance our capability and efficiency with new technologies and new ways of working. Moving forward, we will continue to keep a careful eye on costs while investing to grow our business and provide our customers with world-class products and services.”
In the past six months, the Group’s employee base reduced by 3% compared to 31 March 2017, from an overall staff count of 105,746 to 102,669.
This was largely a result of natural attrition together with a slower pace of recruitment, as various parts of the business adopted new technologies, streamlined business processes and re-allocated resources.
Emirates continues to invest in the most advanced wide-body aircraft to improve overall efficiency and provide better customer experience. During the first six months of 2017-18, Emirates received 10 wide-body aircraft – 4 Airbus A380s, and 6 Boeing 777s, with 9 more new aircraft scheduled to be delivered before the end of the financial year.
As of September 30, Emirates’ global network spanned 156 destinations in 84 countries, and its fleet stood at 264 aircraft including freighters.