The Emirates Group today released 2018-19 Annual Report, posting a profit of AED 2.3 billion (US$ 631 million) for the financial year ended 31 March 2019, down 44% from last year.
The Group’s revenue reached AED 109.3 billion (US$ 29.8 billion), an increase of 7% over last year’s results.
The Group’s cash balance was AED 22.2 billion (US$ 6.0 billion), down 13% 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.
In February, Emirates announced a commitment for 40 A330-900s and 30 A350-900s worth US$ 21.4 billion at list prices in an agreement signed with Airbus, to be delivered from 2021 and 2024 respectively. The airline will also receive 14 more A380 deliveries from 2019 until the end of 2021, taking its total A380 order book to 123 units.
Across its more than 120 subsidiaries, the Group’s total workforce increased by 2% to 105,286, representing over 160 different nationalities, mainly influenced by dnata’s new acquisitions and its international business expansion.
Emirates Airlines increased its revenue by 6% to AED 97.9 billion (US$ 26.7 billion), though its overall passenger traffic remained steady. The airline carried 58.6 million passengers (up 0.2%).