Emirates airline posts a profit of USD 237 million in 2018-19
-A Monitor Report 09 May, 2019 | 3424 Views|-+
Against a backdrop of high fuel prices, strong competitive pressure, and unfavorable currency impact, Emirates airline reported a profit of US$ 237 million for the financial year ended 31 March 2019, a decline of 69% over last year’s results. Despite stiff competition across its key markets, Emirates increased its revenue by 6% to US$ 26.7 billion.
Released today, May 9, 2019 in its 2018-19 Annual Report, the Emirates Group comprising Emirates airline and dnata and other subsidiaries posted a profit US$ 631 million for the financial year , down 44% from last year. However, the Group’s revenue reached US$ 29.8 billion an increase of 7% over last year’s results.
Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group, said: “2018-19 has been tough, and our performance was not as strong as we would have liked. Higher oil prices and the strengthened US dollar eroded our earnings, even as competition intensified in our key markets. The uptick in global airfreight demand from the previous year appears to have gone into reverse gear, and we also saw travel demand weaken, particularly in our region, impacting both dnata and Emirates.”
Emirates airline during 2018-19 carried 58.6 million passengers (up 0.2%). With seat capacity increasing by 4%, the airline achieved a Passenger Seat Factor of 76.8%.
Emirates SkyCargo, cargo transportation division of Emirates airline contributed to 14% of the airline’s total transport revenue. Emirates’ cargo division reported revenue of US$ 3.6 billion, an increase of 5% over last year, while tonnage carried slightly increased by 1% to reach 2.7 million tonnes.
For 2018-19, dnata, the air service provider of Emirates Group recorded its most profitable year with US$ 394 million profit. dnata's total revenue grew to US$ 3.9 billion, up 10%. dnata’s international business now accounts for 70% of its revenue. dnata’s Catering business accounted for US$ 717 million of dnata’s revenue, significantly up by 23%. The inflight catering business uplifted more than 70 million meals to airline customers, an increase of 27%.
Emirates presently operates 3 flights a day from Dhaka offering convenient connections via Dubai to over 150 destinations in its global network.
The full 2018-19 Annual Report of the Emirates Group – comprising Emirates, dnata and their subsidiaries – is available at: https://www.emirates.com/ae/english/about-us/business-model/financial-transparency.aspx