Emirates Group records profit of US$ 456 mn | Daily News


 

Emirates Group records profit of US$ 456 mn

The Emirates Group yesterday 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.

Released 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.

Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group, said: “For the first 11 months of 2019-20, Emirates and dnata were performing strongly, and we were on track to deliver against our business targets.

“Despite the challenges, Emirates and dnata delivered our 32nd consecutive year of profit, due to healthy demand for our award winning products and services, particularly in the second and third quarters of the year, combined with lower average fuel prices over the year.

Across its more than 120 subsidiaries, the Group’s total workforce remained nearly unchanged with 105,730 employees, representing over 160 different nationalities.

Sheikh Ahmed said: “In 2019-20, we were steadfast with our cost discipline while investing to expand our business and revenues opportunities.”

“The COVID-19 pandemic will have a huge impact on our 2020-21 performance, with Emirates’ passenger operations temporarily suspended since 25 March, and DNATA,s businesses similarly affected by the drying up of flight traffic and travel demand all around the world.”

Emirates’ total passenger and cargo capacity declined by 8% to 58.6 billion ATKMs at the end of 2019-20, due to the DXB runway closure.

Emirates received six new aircraft during the financial year, all A380s.

Overall passenger traffic declined, as Emirates carried 56.2 million passengers (down 4%). With seat capacity down by 6%, the airline achieved a Passenger Seat Factor of 78.5%.

Emirates closed the financial year with a healthy level of AED 20.2 billion (US$ 5.5 billion) of cash assets.

Revenue generated from across Emirates’ six regions continues to be well balanced, with no region contributing more than 30% of overall revenues.

Emirates SkyCargo continued to deliver a solid performance in a highly competitive market, contributing to 13% of the airline’s total transport revenue.

Emirates’ hotels portfolio recorded revenue of AED 584 million (US$ 159 million), a decline of 13% over last year. In 2019-20, DNATA,s operating costs increased by 8% to AED 14.3 billion (US$ 3.9 billion). DNATA,s Catering business accounted for AED 3.3 billion (US$ 903 million) of DNATA,s revenue, significantly up by 26%. 


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