Emirates Group announces 2018-19 results

The Emirates Group has announced its 31st consecutive year of profit and steady business expansion. In the 2018-19 report, the Emirates Group posted a profit of AED 2.3 billion (US$ 631 million) for the financial year ended March 31, down 44 per cent from last year. The Group’s revenue reached AED 109.3 billion (US$ 29.8 billion), an increase of seven per cent over last year’s results. The Group’s cash balance was AED 22.2 billion (US$ 6.0 billion), down 13 per cent from last year mainly due to large investments into the business, including significant acquisitions and payment of last year’s AED 2 billion (US$ 545 million) dividend.  

In line with the overall profit, the Group declared a dividend of AED 500 million (US$ 136 million) to the Investment Corporation of Dubai for 2018-19.

His Highness (H.H.) 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...