Emirates earns $14.8bn in six months

The Emirates Group today announced its half-year results for 2018-19 seeing a steady revenue growth compared to the same period last year.

However 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.

The Emirates Group revenue was AED 54.4bn (US$ 14.8 billion) for the first six months of its 2018-19 financial year, up 10% from AED 49.4 billion (US$ 13.5 billion) during the same period last year.

Profitability was down 53% compared to the same period last year, with the Group reporting a 2018-19 half-year net profit of AED 1.1 billion (US$ 296 million).

According to Emirates statement, the Group’s cash position on 30th September 2018 was at AED 21.5 billion (US$ 5.9 billion), compared to AED 25.4 billion (US$ 6.9 billion) as at 31st March 2018.

Chairman and Chief Executive, Emirates Airline and Group, His Highness (HH) Sheikh Ahmed bin Saeed Al Maktoum, said: “Emirates and dnata grew steadily in the first half of 2018-19. Demand for our high quality products and services remained healthy, as we won new and return customers across our businesses and this is reflected in our revenue performance. However, the high fuel cost as well as currency devaluations in markets like India, Brazil, Angola and Iran, wiped approximately AED 4.6 billion from our profits”.