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CSAFE Global


Fuel a more sustainable future

DUBAI: May 09, 2018. The Emirates Group has reported a 67 percent increase in net profit to AED4.1 billion for its financial year ending March 2018 on revenue of AED102.4 billion – an 8.0 percent rise year-on-year.

HH Sheikh Ahmed bin SaeedEmirates SkyCargo produced a 17 percent rise in revenue to AED12.4 billion to make a 14 percent contribution to the airline’s overall transport income. Tonnage carried rose 2.0 percent to reach 2.6 million during the period and yield per tonne flown rose 14 percent.

The division operates a fleet of 13 777F and last year launched new freighter services to Maastricht (Netherlands), Luxembourg and Aguadilla (Puerto Rico).

Sheikh Ahmed bin Saeed Al Maktoum (right), Emirates Group chairman and CEO commented: “Business conditions in 2017-18, while improved, remained tough. We saw ongoing political instability, currency volatility and devaluations in Africa, rising oil prices that drove our costs up, and downward pressure on margins from relentless competition.

“On the positive side, we benefitted from a healthy recovery in the global air cargo industry, as well as the relative strengthening of key currencies against the US Dollar.”

Noting the decline in the US Dollar resulted in an AED661 million contribution to the airline’s bottom line, Sheikh Ahmed said the Group had produced its 30th year of consecutive profit and had paid a dividend of AED2.0 billion to its principal shareholder, the Investment Corporation of Dubai.

During the financial year, Emirates placed a US$15.1 billion order with Boeing for 40 B787-10s for delivery in 2022, and reached a US$16 billion agreement with Airbus for 36 additional A380 aircraft plus 16 options.

Emirates has also announced it will begin a daily B777-300ER service between Edinburgh and Dubai from October 01, 2018 with up to 20 tonnes of cargo capacity per flight. Edinburgh Airport CEO Gordon Dewar said the news was “fantastic”. The airline already operates two flights a day to Glasgow.

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