The Emirates Group announced yesterday that it will continue to achieve profits for the 32nd year in a row, while revenues were affected by 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. .

Earnings and returns

The fiscal year (2019/2020) report released by the group showed that its profits for the fiscal year ending March 31, 2020 amounted to 1.7 billion dirhams ($ 456 million), a decrease of 28% compared to the previous year.

The Group's revenues reached 104 billion dirhams (28.3 billion dollars), a 5% decrease from last year's results, while cash balances reached 25.6 billion dirhams (7.0 billion dollars), a growth of 15% over the previous year, thanks to strong performance until February 2020, and low oil prices Compared to the previous year.

No share for owners

The group stated that due to the unprecedented global economic conditions as a result of the continuing Covid-19 pandemic, and to maintain the financial liquidity of the group, it saw the non-provision of a share of the profits to the owners this year, after having provided a share of the profits for the fiscal year (2018 / 2019) of 500 million dirhams ($ 136 million) to the Dubai Government Investment Corporation.

Investments and orders

According to the statement, during the fiscal year (2019/2020), the Emirates Group invested 11.7 billion dirhams (3.2 billion dollars) to purchase new aircraft and equipment, own companies, facilities, modern technologies and finance employee initiatives.

The group pointed out that «Emirates Airlines» made during the «Dubai Airshow 2019», an order worth $ 16 billion (58.72 billion dirhams) to buy 50 A350 XWB aircraft, and another worth $ 8.8 billion (32.29 billion dirhams) to buy 30 aircraft «Boeing 787 Dreamliner ».

Dnata investments

Dnata's major investments during the fiscal year included a major expansion in North American catering, with the opening of new operations in Vancouver, Houston, Boston, Los Angeles and San Francisco, and the opening of a new catering facility in Manchester, United Kingdom.

The total number of employees in more than 120 companies belonging to the "Emirates Group" remained stable at 105,730 people belonging to more than 160 nationalities.

"Fly Emirates"

The financial results showed that at the end of the fiscal year (2019/2020), the total capacity of Emirates Airlines for passengers and freight decreased by 8% to reach 58.6 billion tons available, due to the limitation of capacity as a result of the closure of the Dubai International Airport's runway for maintenance , And the impact of «Covid-19» with the suspension of passenger services in compliance with the directives of the UAE government during March 2020.

During the fiscal year 2019/2020, Emirates Airlines received six new A380 aircraft. Six aircraft were out of service, including four Boeing 777-300ER aircraft, a Boeing 777-300 aircraft, and a Boeing 777 cargo plane, bringing the fleet number at the end of March 2020 to 270. The average age of the fleet aircraft was 6.8 years.

Emirates Airlines completed two years of its successful strategic partnership with flydubai, at a time when 5.3 million passengers benefited from the ease of continuing their travel through the common network.

Costs and profits

Operating costs decreased by 10% compared to FY2018 / 2019. The fuel bill value decreased by 15% compared to the previous fiscal year to reach 26.3 billion dirhams ($ 7.2 billion). The fuel accounted for 31% of the total operating cost, compared to 32% in the 2018/2019 fiscal year.

Despite the pressures of increased competition and the unfavorable effects of currency exchange rates, Emirates Airlines achieved a net profit of 1.1 billion dirhams ($ 288 million) in the 2019/2020 fiscal year, a growth of 21% over the year’s earnings. Its predecessor.

Emirates Airlines also transported 56.2 million passengers, a decrease of 4%. During the fiscal year, it was able to arrange 9.3 billion dirhams (2.5 billion dollars) in financing to expand its fleet, using the various financing structures available.

11.2 billion dirhams revenue of freight department

Emirates Air Cargo Company continued to achieve strong performance, and contributed 13% of the carrier's total transportation revenues. Revenue from the cargo division of Emirates Airlines recorded 11.2 billion dirhams ($ 3.1 billion), a decrease of 14% over the previous year.

The total amount of freight transported decreased by 10% to 2.4 million tons as a result of the reduced capacity due to the exit of the Boeing 777F from service and the decrease in the capacity of the cargo hold in the first and last quarters. At the end of the fiscal year, Emirates Air Cargo was operating a fleet of 11 Boeing 777F aircraft.

In turn, the group's hotels recorded revenues of 584 million dirhams, a decrease of 13%.

14.8 billion dirhams revenue of "dnata"

Dnata recorded a sharp drop in its profits by 57%, to reach 618 million dirhams ($ 168 million), while total revenues rose to 14.8 billion dirhams, a growth of 2%.

Dnata has invested 800 million dirhams in new installations and equipment, and corporate operations. The operating cost increased by 8% to 14.3 billion dirhams.

Dnata revenue for airport operations (UAE), including passenger and cargo handling, stood at 3.2 billion dirhams. Dnata Aviation Catering contributed 3.3 billion dirhams in dnata revenue, a growth of 26%, while the dnata travel services revenue fell 4% to 3.5 billion dirhams.

Emirates Airlines transported 56.2 million passengers during its fiscal year.

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