The Emirates Group has announced that its Group revenue has grown to AED 54.4 billion ($14.8 billion) for the first six months of its 2018-19 financial year.
According to the announcement, the Group saw 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. It stated that profitability was down 53 per cent compared to the same period last year, with the Group reporting a 2018-19 half-year net profit of AED 1.1 billion ($296 million).
The profit erosion, the Group said 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 AED 21.5 billion ($5.9 billion), compared to AED 25.4 billion ($6.9 billion) as at 31st March 2018.
Commenting, His Highness (HH) Sheikh Ahmed Bin Saeed Al Maktoum, chairman and chief executive, Emirates Airline and Group 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.”
In the past six months, the Group’s employee base reduced by one per cent compared to 31 March 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.