Emirates Half Year Profit Rebounds Despite Rising Oil Price
The Emirates Group yesterday announced its half-year results for 2017-18. The Group saw steady revenue growth and a rebound on profitability compared to the same period last year, in spite of the continuing downward pressure on margins, a rise in oil prices, and other challenges.
The Emirates Group revenue was US$ 13.5 billion for the first six months of its 2017-18 financial year, up 6% from US$ 12.7 billion during the same period last year.
Profitability rebounded after a low during the same period last year, with the Group reporting a 2017-18 half-year net profit of US$ 631 million, up 77%.
This result was driven by capacity optimisation and efficiency initiatives across the company, steady business growth, and a more favourable foreign exchange situation compared to the same period last year.
The Group’s cash position on 30th September 2017 was at US$ 5.2 billion, compared to US$ 5.2 billion as at 31st March 2017.
In the past six months, the Group’s employee base reduced by 3% compared to 31 March 2017, from an overall staff count of 105,746 to 102,669.
This was largely a result of natural attrition together with a slower pace of recruitment, as various parts of the business adopted new technologies, streamlined business processes and re-allocated resources.