Emirates Group, the international aviation holding company of Investment Corporation of Dubai, has announced a $670 million profit for the financial year ending March 31, 2017, representing 70 per cent increase as against last year’s record profit.
For 29th consecutive years, the group has made profit and steady business expansion despite a turbulent year for the aviation sector.
Its revenue reached $25.8 billion, representing an increase of 2% over last year’s results. The group’s cash balance decreased by 19 per cent to $5.2 billion, mainly due to the repayment of two bonds on maturity and ongoing high investments into its fleet and aircraft related assets.
According to the airline, In line with the business climate and to support the future investment plans of the group, no dividend payment will be made to the Investment Corporation of Dubai (ICD) for 2016-17.