Dubai: Emirates airline’s profits more than doubled, reaching Dh1.7 billion in the first half of 2017 from Dh786 million in the same half last year driven by the strengthening of currencies in key markets against the US dollar.
In a statement on Thursday, the carrier said its revenues for the first half of the 2017-2018 financial year reached Dh44.5 billion, up 6 per cent year-on-year.
Emirates said the jump in earnings was driven by “improved seat load factors, tight control on capacity deployment,” and currency factors against the US dollar, to which the UAE dirham is pegged.
Meanwhile, Emirates Group, the parent company behind the airline and dnata, recorded Dh2.3 billion in net profit, marking a 77 per cent year spike year-on-year, as revenues rose 6 per cent to Dh46.5 billion in the first half of 2017.
The group said this rebound in profitability came despite “continuing downward pressure on margins, a rise in oil prices, and other challenges for the airline and travel industry.”
“The easing of the strong US dollar against other major currencies helped our profitability. We are also seeing the benefit form various incentives across the company to enhance our capability and efficiency with new technologies and new ways of working,” said Shaikh Ahmad Bin Saeed Al Maktoum, chairman and chief executive officer of Emirates Airline and Group.
He added, “Moving forward, we will continue to keep a careful eye on costs while investing to grow our business and provide our customers with world-class products and services.”
