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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

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

Jubilee Insurance unveils club for mothers

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Mr Deepak Pandey, the CEO Jubilee Insurance addresses guests during the Jubilee Mum’s Club launch held at the Kampala Serena hotel on Tuesday.

Mr Deepak Pandey, the CEO Jubilee Insurance addresses guests during the Jubilee Mum’s Club launch held at the Kampala Serena hotel on Tuesday.

By Our Reporter

Jubilee Insurance has unveiled a platform where all mothers; aspiring, new and active can freely share about their maternal moments at all extremes of the motherhood journey, from the hurdles to the treasures.

Dubbed the “Jubilee Mum’s Club”, it is expected to bridge the information gap by providing expert information for expectant mothers as it opens up the floor for mothers to engage with doctors, midwives, gynecologists, pediatricians, fitness experts, and various specialists on all topics concerning pregnancy and puerperium, care of the family, parenthood, and the mother’s general health and care, through articles, social media platforms and monthly gatherings for the mothers.

During the launch, the Jubilee Insurance CEO. Mr Deepak Pandey addressed the mothers, doctors and various specialists saying, “Motherhood is a beautiful journey that all women are privileged to walk. And so, to emphasize how precious this journey is, Jubilee Insurance is making sure mothers lack for nothing as they prepare for their little ones. There is no need to take this journey alone, we will hold your hand to the finish line with an extra set of hands.”

“The Jubilee Mum’s Club is part is driven by what’s at the core of our hearts as Jubilee Insurance; Customer satisfaction and well-being to combat maternal mortality and morbidity. For mothers under Jubilee, a 360-care package covering Ultrasound scans, pregnancy tests, blood tests, baby monitoring kits, doctor/midwife consultations and follow-up, training sessions, and a variety of vendors with the best mother-child care products await.” Mr Deepak Pandey added.

Jubilee is partnering with Surgipharm Uganda Ltd, Indulge Maternity Spa and Gym, Lato Milk, Mukwano Industries Uganda, Madrasa Early Childhood Development and Mickey kids collection to provide quality services to the mothers in the club.

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Companies

MultiChoice Uganda premieres two short films

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By Staff Writer

Multi choice Uganda last week on Friday premiered two short films.  The two films, “Promise” and “Ensulo” were premiered at the multi choice head offices in Kololo. Each of the one hour films were created in Kenya and will be showing on DSTV, Pearl Magic channel 161.

According to Joan Semanda, PR and communications MultiChoice said the premier of the two short films were in line with both DSTV and GO TV showing support for the Uganda film industry. “WE also encourage young students with passion in film making as either film directors or actors to pursue career as we are here to support them.”

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Local Business

Ugandan cosmetic line, Minama launches new skin care product

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By Our Reporter

Ugandan beauty and cosmetics brand, Minama has released a new skin care product on the market.

The brand’s C.E.O Afsana Pey S.K has announced the release of its Minama skin oil, which goes on the market today, in Uganda and across the continent.

“Minama skin glow oil has really helped many of our clients and myself, particularly for ailments like Acne, blemishes, black spots, scars etc. It also clears your skin and leaves it glowing with that beautiful shine,” she explains.

When asked what was her motivation for setting up the skin care line, Afsana explains that she suffered with skin issues for a long time, and being as there weren’t many solutions available on the market, she decided to start up her own skin care line, whose many other products include lotions, soaps, creams and other cosmetics.

“I know first-hand how bad skin can affect you, especially your confidence, so I started the line to help others and myself. We have more products launching in December, and we can’t wait for all our clients, old and new to get their hands on this skin oil,” she concludes.



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