Emirates Group Declares Profit Despite Strong Headwinds
The Emirates Group has announced its 2019-20 Annual Report indicating a 32nd consecutive year of profit despite the recent global strong headwinds in the aviation industry.
Despite the COVID-19, 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.
Emirates 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, 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 2019-20, the Group 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
At the 2019 Dubai Air Show in November, Emirates placed a US$ 16 billion order for 50 A350s, and a US$ 8.8 billion order for 30 Boeing 787 Dreamliners with first deliveries expected in 2023.
The full 2019-20 Annual Report of the Emirates Group – comprising Emirates, dnata and their subsidiaries – is available here.