Group records 32nd consecutive year of profit of AED 1.7 billion (US$ 456 million)
• Group revenue of AED 104 billion (US$ 28.3 billion) impacted by planned Dubai International airport (DXB) runway closure in Q1 and COVID-19 pandemic in Q4
• Ends year with solid cash balance of AED 25.6 billion (US$ 7.0 billion)
Emirates reports a profit of AED 1.1 billion (US$ 288 million), 21% up from the previous year
• Revenue declines by 6% to AED 92.0 billion (US$ 25.1 billion), impacted by planned 45 days DXB runway closure and temporary suspension of passenger flights in March
• Airline capacity reduced to 59 billion ATKM with aircraft fleet size unchanged
dnata reports a profit of AED 618 million (US$ 168 million), which includes AED 216 million (US$ 59 million) one-time gain from sale of stake in an IT company, Accelya
• Revenue increases by 2% to AED 14.8 billion (US$ 4.0 billion), reflecting business growth with international business accounting for 72% of revenue
• Profit impacted by: goodwill impairments (mainly in Travel) of AED 164 million (US$ 45 million), write-offs due to Thomas Cook failure (Travel & Catering) of AED 96 million (US$ 26 million), and impact of COVID-19 (across all business divisions) AED 274 million (US$ 75 million)
• Expands global footprint with addition of new facilities and service capabilities across its airport operations, and catering divisions
The Emirates Group announced its 32nd consecutive year of profit, against a drop in revenue mainly attributed to reduced operations during the planned DXB runway closure in the first quarter, and the impact of flight and travel restrictions due to the COVID-19 pandemic in the fourth quarter.
In its 2019-20 Annual Report, the Emirates Group posted a profit of AED 1.7 billion (US$ 456 million) for the financial year ended 31 March 2020, down 28% from last year. The Group’s revenue reached AED 104.0 billion (US$ 28.3 billion), a decline of 5% over last year’s results. The Group’s cash balance was AED 25.6 billion (US$ 7.0 billion), up 15% from last year mainly due to a strong business performance up to February 2020 and lower fuel cost compared to previous year.
Due to the unprecedented business environment from the ongoing pandemic, and to protect the Group’s liquidity position, the Group has not declared a dividend for this financial year after last year’s dividend of AED 500 million (US$ 136 million) to the Investment Corporation of Dubai.
In 2019-2020, the Group collectively invested AED 11.7 billion (US$ 3.2 billion) in new aircraft and equipment, the acquisition of companies, modern facilities, the latest technologies, and employee initiatives, a decrease following last year’s record investment spend of AED 14.6 billion (US$ 3.9 billion). It also continued to invest resources towards supporting communities, environmental initiatives, as well as incubator programs that nurture talent and innovation to support future industry growth.
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Source: Emirates