Emirates Group has invested over $3.9billion in the acquisition of new airplanes, equipment, companies, modern facilities, latest technology and staff initiative between 2018 and 2019, its Chairman and Chief Executive, Emirates Airline Ahmed bin Saeed Al Maktoum has said.
Al Maktoun said the investment was a significant increase over last year’s where the group spent over $2.5 billion
He spoke in an online interview where the group released its 2018 – 2019 Annual Report, representing the 31st consecutive year of profit and steady business expansion.
According to Al Maktoun, the group posted a profit of $631 million for the financial year that ended March 31, 2019. The figure according to him, was 44 per cent lower than last year profit.
Al Maktoum said: “2018-19 has been tough, and our performance was not as strong as we would have liked. Higher oil prices and the strengthened US dollar eroded our earnings, even as competition intensified in our key markets. The uptick in global airfreight demand from the previous year appears to have gone into reverse gear, and we also saw travel demand weaken, particularly in our region, impacting both dnata and Emirates.
“Every business cycle is different, and we continue to work smart and hard to tackle the challenges and take advantage of opportunities. Our goal has always been to build a profitable, sustainable, and responsible business based in Dubai, and these principles continue to guide our decisions and investments. In 2018-19, Emirates and dnata delivered our 31st consecutive year of profit, recorded growth across the business, and invested in initiatives and infrastructure that will secure our future success.
“In February, Emirates announced a commitment for 40 Airbus 330-900s and 30 Airbus 350-900s worth US$ 21.4 billion at list prices in an agreement signed with Airbus, to be delivered from 2021 and 2024. ‘’