Emirates Group announced full year profit of $1.1 billion (AED4.1bn) for the financial year ended 31 March 2018, up 67% from last year.

The group, which includes airport services company dnata, reported revenue of $ 27.9.bn (AED102.4bn), an increase of 8% on last year. In line with the figures, Emirates Group announced a dividend of $545m (AED2bn) to the Investment Corporation of Dubai.

Emirates airline reported a profit of $762m (AED 2.8bn), an increase of 124% over last year’s results. Revenue at the airline increased to $25.2bn (AED 92.3bn), with the decline of the US dollar against currencies in most of Emirates’ key markets leading to a $180m (AED661m) positive impact to the airline’s bottom line.

Passenger traffic increased slightly – up 4% to 58 million – which resulted in a passenger seat factor of 77.5%.

Sheikh Ahmed bin Saeed Al Maktoum, chairman and chief executive of Emirates airline and Group said business conditions in 2017-18, while improved, remained tough.

“We saw ongoing political instability, currency volatility and devaluations in Africa, rising oil prices which drove our costs up, and downward pressure on margins from relentless competition,” Sheikh Ahmed said.

“On the positive side, we benefitted from a healthy recovery in the global air cargo industry, as well as the relative strengthening of key currencies against the US dollar.”

While it expanded its business, he said the company also tightened its “cost discipline” during last 12 months, and reduced its recruitment activity.

“Across the Group, we progressed various initiatives to rebuild and streamline our back office operations with new technology, systems and processes,” he said.