First half year profits rebound at Emirates

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Profits have rebounded for Emirates, increasing by 111 per cent in the six months up to 30 September, hitting $452 million.

Revenue increased by six per cent to $12.1 billion, while revenue for the Emirates Group was also up six per cent to $13.5 billion, with profits growing by 77 per cent to $631 million.

Cargo volumes at Emirates SkyCargo increased by five per cent to 1.3 million tonnes and yields improved by eight per cent, which the airline says is due to recent investments in products and services tailored to key sectors and the recovery in the global airfreight market.

Emirates Airline and Group chief executive officer, His Highness Sheikh Ahmed bin Saeed Al Maktoum

Emirates Airline and Group chief executive officer, His Highness Sheikh Ahmed bin Saeed Al Maktoum says: “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.”

He says the easing of the US dollar against other major currencies has helped profitability and Emirates is seeing the benefit from various initiatives to enhance capabilities and efficiencies with new technologies and ways of working.

He adds: “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.”

Dnata also had a strong 2017-18 half year, with revenue up seven per cent to $1.7 billion and profits increasing 20 per cent to $180 million.

Cargo handled rose by 25 per cent to 1.5 million tonnes helped by the global upturn in volumes, entering the US cargo market with the acquisition of AirLogistix USA and opening a new cargo facility in Adelaide.