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Emirates Group posts a profit of US$ 631 million in 2018-19 annual report

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By Our Reporter

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The Emirates Group has today released its 2018-19 annual report. According to the report, the Emirates Group posted 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.

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 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 2018-19, the Group collectively invested AED 14.6 billion (US$ 3.9 billion) in new aircraft and equipment, the acquisition of companies, modern facilities, the latest technologies, and staff initiatives, a significant increase over last year’s investment spend of AED 9.0 billion (US$ 2.5 billion).

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.

dnata’s key investments during the year included: the acquisitions of Q Catering and Snap Fresh in Australia, and 121 Inflight Catering in the US; the buy-out of shares to become the owner of Dubai Express, Freightworks LLC; and a 51% majority stakeholder of Bolloré Logistics LLC, UAE; the build of new cargo and pharma handling facilities in Belgium, the US, the UK, the Netherlands, Australia, Singapore and Pakistan; the acquisition of German tour operator Tropo, and a majority stake in BD4travel, a company providing artificial intelligence driven IT solutions in the travel sector.

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.

Sheikh Ahmed said: “In 2018-19, we were steadfast with our cost discipline while expanding our business and growing revenues. By slowing the recruitment of non-operational roles, and implementing new technology systems and new work structures, we’ve improved productivity and retarded manpower cost increases.”

He concluded: “It’s hard to predict the year ahead, but both Emirates and dnata are well positioned to navigate speed bumps, as well as to compete and succeed in the global marketplace. We must continually up our game, that’s why we invest in our people, technology, and infrastructure to help us
maintain our competitive edge. As a responsible business, we also invest resources towards supporting communities, conservation and environmental initiatives, as well as incubating talent and innovation that will propel our industry in the future.”

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Local Business

Uganda Breweries partners with Kabaka Foundation to construct sanitation facilities in city markets

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In a bid to improve the sanitation and hygiene that are health concerns in Kampala markets, Uganda Breweries Limited has launched a sanitation project that will see the brewery construct modern public sanitation facilities for the residents and traders of Nakulabye, Katwe, Mengo and Mulago Markets.

The project dubbed the “Kampala City Markets water and Sanitation” has been done in partnership with the Kabaka Foundation, which is an NGO presided over by His Majesty the Kabaka of Buganda. The 3 months project which is part of UBL’s “Water of Life” initiative will cost UGX 300 Million and will benefit over 26,000 people.

Under this project, each Market will get a modern sanitation facility with eights units; a toilet for people with disabilities, a washroom for men and women, three urinal bowls for men, one shared attendants room, a water reservoir of 5000 liters, a 1000 liter over- head tank and a water pump.

Speaking during the ground breaking ceremony at Nakulabye Market, Uganda Breweries Managing Director Mark Ocitti said, “Access to clean sanitation facilities is critical to the health and prosperity of our communities, and yet, too many people especially in the markets around the city do not have access to these basic services. Uganda Breweries is proud to partner with the Kabaka Foundation to reform and improve the lives of more than 26,000 people who live and work around these markets.”

Ocitti noted that this project is not the first done in partnership with the Buganda Kingdom. “UBL and the Kingdom have a long standing partnership to brew Ngule beer, the Kingdoms official beer. The beer is made from cassava and sorghum all of which are sourced locally from Buganda Kingdom.”

In his remarks, Owekitibwa Chris Bwanika, a Trustee in the Kabaka Foundation said, “This project marks another milestone in achieving Kabaka foundation’s aim of improving sanitation. Kampala city markets have dilapidated sanitation facilities and with the construction of these new facilities, we will now be able to address the problem of poor sanitation and the consequent spread of diseases among the residents, especially the children.”

Uganda Breweries Limited has in the past years run similar projects. In 2017, the company constructed public sanitation facilities worth UGX 300 million at Port Bell and Kirombe markets. The project benefits over 12,000 residents, traders and visitors to the two areas. UBL has also previously constructed sanitation facilities in Ggaba market and Kinawataka market.

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Local Business

Sheraton hosts Muslim community to iftar dinner

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Sheraton Kampala Hotel treated the Muslim community to iftar dinner as they broke their fast on Thursday evening. The dinner was held to thank their Muslim partners, clients and guests for the continued support to the hotel and to also wish them blessings during this holy month of Ramadan.

The dinner was a blend of Middle Eastern and Ugandan cuisine consisting of special and customized meals of starter, salads, condiments & dressing, soups, main course, carving, dessert and a variety of drinks.

While addressing the guests during the dinner, the General Manager, Sheraton Kampala Hotel, Jean-Philippe Bittencourt encouraged the Muslims to keep up with the good spirit of brotherhood as they observe this Ramadan. He further thanked them for the immeasurable support to the Sheraton hotel and encouraged them to work as a team for peace and unity to be realized.

“To observe, this holy month, the hotel has set aside a special prayer place where our employees, guests and customers can say their prayer and break their fast. We have a designated area at the Victoria Restaurant where they can have a lavish buffet as they break their fast from Monday to Saturday,” Mr. Jean Philippe Bittencourt further noted.

Ramadan is the ninth month of the Islamic calendar and, is observed by Muslims worldwide as a month of fasting to commemorate the first revelation of the Quran to Muhammad, according to Islamic belief. Muslims are expected to put more effort into following the teachings of Islam with the fast beginning at dawn and ending at set.

Sheraton hotel during this holy month of Ramadan has special daily Iftar menu packages for individuals, families, groups and companies hosting their Muslim clients or customers to a special dinner.

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Local Business

V-Power weekend is back

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Emmanuel Ssebunya, Vivo Energy Brand Manager – Fuel .

Emmanuel Ssebunya, Vivo Energy Brand Manager – Fuel refills a customer’s car at Shell Bugolobi.

By Our Reporter

“V-Power Weekend”, a promotion that allows customers to purchase Shell V-Power at the same price as regular fuel, is back.

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Launched in March this year, the promotion is open to all Shell customers and is available at over 80 Shell stations countrywide. The offer runs for the entire weekend starting Friday morning to Sunday evening.

“This promotional offer is aimed at getting car owners to try the advanced fuel formulation and experience the thrilling power and performance of our premium fuel Shell V-Power,” said Emmanuel Ssebunya, Brand Manager Fuels at Vivo Energy Uganda. “Shell’s new fuels contain exclusive DYNAFLEX Technology which helps clean and protect key components in vehicle engines, reduces friction between the piston and cylinder wall, reduces possibility of engine knock leading to better engine efficiency and performance.”

The V-Power Weekend offer will run every month till December 2019 to give as many motorists as possible an opportunity to experience Shell premium fuels.

“Whatever car you drive, wherever you are going, visit a Shell station to get a full tank of Premium Shell V-Power at the price of regular fuel and GO WELL,” he added.

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