The Emirates Group announced that it will continue to achieve profits for the thirty-second year in a row, while revenues decreased due to the contraction of operations during the closure of the Dubai International Airport maintenance runway in the first quarter, in addition to restricting air and travel traffic due to the "Covid-19" pandemic in the fourth quarter.
The report for the fiscal year 2019/2020, which was launched by Emirates Group today, showed that its profits for the fiscal year ending March 31, 2020 amounted to 1.7 billion dirhams, a decrease of 28% compared to the previous year. The group's revenues reached 104.0 billion dirhams ($ 28.3 billion), a 5% decrease from last year's results, and the cash balances reached 25.6 billion dirhams, a growth of 15% over the previous year, thanks to the strong performance until February 2020, and lower oil prices compared to the previous year.
His Highness Sheikh Ahmed bin Saeed Al Maktoum, Supreme President and Chief Executive Officer of Emirates Airlines and the Group said: “During the first 11 months of the fiscal year 1019/2020, Emirates Airlines and Dnata achieved a strong performance, and we were on our way to achieving our specific goals, but things started to turn upside down After mid-February, due to the spread of the Covid-19 pandemic in various regions of the world, which caused a huge decrease in the demand for air travel, as countries in turn began to close their borders and impose severe restrictions on travel.
His Highness added, “Our industry is always vulnerable to many external factors, even without a pandemic. The growing strength of the US dollar against major currencies during FY 2019/2020 has eroded our profits by an estimated one billion dirhams. The demand for air freight has also remained They slouched for most of the year, while competition intensified in our main markets.
"Despite these challenges combined, Emirates and dnata have managed to continue achieving profitability for the thirty-second year in a row, thanks to the good demand for our products and services, especially in the second and third quarters of the fiscal year, in addition to the low average fuel prices on the basis of annual".
He continued, "Our capabilities and our ability to adapt and resilience are subject to testing every year. While we deal with various urgent challenges and work to take advantage of opportunities, we are guided in making our decisions always with our long-term goals, which is to create and develop profitable, sustainable and responsible business." in Dubai".