With cash balances of 20.7 billion dirhams as of September 30, 2020

13.7 billion dirhams revenues of the Emirates Group in 6 months

• Ahmed bin Saeed: “The group’s flexibility in the face of the current difficult circumstances is a testament to the strength of our business model.”

• "Emirates Airlines" and "dnata" were able to quickly switch to servicing the demand for goods with the suspension of travel.

  From the source

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Yesterday, the Emirates Group announced its results for the first six months of its current fiscal year 2020-2021, achieving revenues of 13.7 billion dirhams ($ 3.7 billion) for the first half of the current fiscal year, a 74% decrease from the same period of the year. The past, during which revenues reached 53.3 billion dirhams ($ 14.5 billion).

The group clarified, in a statement, that this significant decrease in revenues is mainly due to the "Covid-19" pandemic, which paralyzed air travel for many weeks, after most countries of the world closed their borders and imposed travel restrictions, noting that it is within the framework of precautionary measures. To contain the epidemic, regular passenger flights to Dubai were suspended for eight weeks during April and May.

For the first half of the fiscal year 2020-2021, the Emirates Group recorded losses of 14.1 billion dirhams (3.8 billion dollars), while the group’s cash balances amounted to 20.7 billion dirhams (5.6 billion dollars) on September 30, 2020, compared with 25.6 billion dirhams ( Seven billion dollars) on March 31, 2020.

Demand for goods

His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chief Executive Officer and CEO of Emirates Airlines and the Group, said: “We have started our current fiscal year under a global closure that has completely paralyzed air travel, and due to these unprecedented conditions that afflicted the aviation and travel sector, (Emirates Group) has registered ) Half-year losses for the first time in more than 30 years.

His Highness added: “With the suspension of travel, (Emirates Airlines) and (dnata) were able to quickly transform to serve the demand for goods and other opportunities, and this helped us to restore our revenues from zero to 26% of what it was in the same period last year. ».

flexibility

His Highness Sheikh Ahmed bin Saeed stressed that “the resilience of the Emirates Group in the face of the current difficult circumstances is a testament to the strength of our business model, and on years of continuous investment in skills, technology and infrastructure that are now bearing fruit, in terms of cost and operational efficiency.” Noting that «(Emirates Airlines) and (dnata) have succeeded in building strong brands, and high-level digital capabilities that still serve our operations well, and allowed us to deal brilliantly with the rapid shifts in customer and commercial activities via the Internet over the past six months.

Strong comeback

His Highness thanked the customers for their continuous support, expressing his deep appreciation for the joint efforts made by the various parties, which allowed Dubai to resume air traffic and other economic activities quickly and safely.

He said, "No one can predict the future, but we expect a strong return of demand for travel as soon as the (Covid-19) vaccine is available, and we are ready for that, because (Emirates Airlines) and (dnata) are fully prepared to put their resources into meeting the demand and serving our customers."

His Highness Sheikh Ahmed bin Saeed added: “Thanks to our strong cash reserves and the support of our owners and the financial sector in general, we were able to continue to ensure that we have sufficient financing to maintain our commercial operations and follow them up in these difficult circumstances. In the first half of the current fiscal year, our owners have pumped. One billion dollars in investment in (the Emirates Group) and they will continue to support us on the path of recovery. ”

The workers

The number of employees in the "Emirates Group" recorded a significant decrease compared to March 31, 2020, by 24%, to reach 81 thousand and 334 employees on September 30, 2020.

This is in line with the group's capacity, business activities for the foreseeable future, and general industry expectations.

Emirates Airlines and dnata continue to consider every possible means to preserve the skilled workforce, including participating in job protection programs where they exist.

The decline in the group’s revenues is mainly due to the “Covid-19” pandemic, which has crippled air travel.

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