- Chidozie Uzoezie
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.
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Wonderful event and topics discussed, hopefully we see the manifestations in our African airline businesses in the nearest future. Kudos to you all.
Hi, I'm Lucy. Please how do I embark on my travel/ tour business. I am newbie and help..
Prices in the Sol Torremolinos Don Pablo are the same than two weeks ago.
Good location astounding but the staffs are rude and they make me wait so long for the service. They charge me more than what is on the website and did not refund me the manager is not helping with the issue
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