Group records 29th consecutive year of profit of AED 2.5 billion (US$ 670 million) Steady business growth in line with capacity increases, results show business resilience in a competitive climate and turbulent year Significant investment in the business at AED 13.7 billion (US$ 3.7 billion) Emirates reports a profit of AED 1.3 billion (US$ 340 million) Airline capacity crosses 60 billion ATKM. 35 new aircraft delivered, and 27 older aircraft retired during the year Stable revenue at AED 85.1 billion (US$ 23.2 billion), after a AED 2.1 billion (US$ 572 million) hit due to unfavourable currency exchange dnata makes highest profit ever, at AED 1.2 billion (US$ 330 million) Record revenue of AED 12.2 billion (US$ 3.3 billion) reflects further business expansion, with international business now accounting for 66% of revenue Expands global footprint with ground handling acquisitions in the Americas, adds new facilities and service capabilities across its airport, cargo, catering, and travel services divisions DUBAI, UAE, 11 May 2017 - The Emirates Group today announced its 29th consecutive year of profit and steady business expansion, despite a turbulent year for aviation and travel. Released today in its report, the Emirates Group posted an AED 2.5 billion (US$ 670 million) profit for the financial year ending 31 March 2017, down 70% from last year’s record profit. The Group’s revenue reached AED 94.7 billion (US$ 25.8 billion), an increase of 2% over last year’s results, and the Group’s cash balance decreased by 19% to AED 19.1 billion (US$ 5.2 billion) mainly due to the repayment of two bonds on maturity and ongoing high investments into its fleet and aircraft related assets. In line with the current business climate and to support the future investment plans of the Group, no dividend payment will be made to the Investment Corporation of Dubai (ICD) for 2016-17. His Highness (H.H.) Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group, said: “Emirates and dnata have continued to deliver profits and grow the business, despite 2016-17 having been one of our most challenging years to date. “Over the years, we have invested to build our business capabilities and brand reputation. We now reap the benefits as these strong foundations have helped us to weather the destabilising events which have impacted travel demand during the year - from the Brexit vote to Europe’s immigration challenges and terror attacks, from the new policies impacting air travel into the US, to currency devaluation and funds repatriation issues in parts of Africa, and the continued knock-on effect of a sluggish oil and gas industry on business confidence and travel demand.” In 2016-17, the Group collectively invested AED 13.7 billion (US$ 3.7 billion) in new aircraft and equipment, the acquisition of companies, modern facilities, the latest technologies, and staff initiatives. Sheikh Ahmed said: “These investments will further strengthen our resilience, even as we extend our competitive edge, and adapt our businesses to the volatile business climate and fast changing consumer expectations. “We remain optimistic for the future of our industry, although we expect the year ahead to remain challenging with hyper competition squeezing airline yields, and volatility in many markets impacting travel flows and demand. “Emirates and dnata will stay attuned to the events and trends that impact our business, so that we can respond quickly to opportunities and challenges. We will also progress on our digital transformation journey. We are redesigning every aspect of how we do business, powered by an entirely new suite of technologies. Our aim is to deliver more personalised customer experiences, and seamless customer journeys, and make our operations and back-office functions even more efficient.” Across its more than 80 subsidiaries and companies, the Group increased its total workforce by 11% to over 105,000-strong, representing over 160 different nationalities. The full 2016-17 Annual Report of the Emirates Group – comprising Emirates, dnata and their subsidiaries – is available at: www.theemiratesgroup.com/annualreport
