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Emirates Group Announces 2019-20 results

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The Emirates Group announced the results for the financial year 2019-2020, presenting for the 32nd time an increase in its profits, despite the decrease in revenues, mainly due to reduced operations during the planned closure of the runway at Dubai Airport in the first quarter and the impact of restrictions on flights and travel due to the COVID-19 pandemic in the fourth quarter.

The Group’s profits totaled $456 million for the fiscal year 2019-2020, which ended March 31, 2020, down 28% from a year earlier. The group’s revenue was $ 28.3 billion, down 5% from a year earlier. The Group’s cash position stands at $7 billion, up 15% from last year due to strong business performance until February 2020 and lower fuel costs compared to the previous year.

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His Highness 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. However, from mid-February things changed rapidly as the COVID-19 pandemic swept across the world, causing a sudden and tremendous drop in demand for international air travel as countries closed their borders and imposed stringent travel restrictions.

“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.”

“Every year we are tested on our agility and ability. While tackling the immediate challenges and taking advantage of opportunities that come our way, our decisions have always been guided by our long-term goal to build a profitable, sustainable, and responsible business based in Dubai.”

In the financial year 2019-20, the Group invested a total of $ 3.2 billion in new aircrafts and equipment, in acquiring companies, in the installation of modern facilities and the latest technologies. He also continued his investment plan to support communities, environmental initiatives, and programs that boost start-up entrepreneurship, new talent and innovation, thus supporting the future development of the industry.

  • The Group recorded profits of $456 million for 32nd consecutive year. Revenue was $28.3 billion, driven by the scheduled closure of Dubai International Airport (DXB) runway in the first quarter and the pandemic of COVID-19 in the fourth quarter. The end of the year shows a stable cash balance of $ 7.0 billion.
  • Emirates recorded a 21% increase in profits compared to the previous year, which this year amounted to 288 million dollars. A 6% drop in revenue to $25.1 billion, affected by the temporary suspension of passenger flights in March, while the capacity index fell (to 59 billion ATKM – Available Tonne kilometers), with unchanged fleet size aircraft.
  • dnata recorded a 2% increase in revenue to $4 billion, reflecting business growth, with international activity accounting for 72% of revenue. The profit is $168 million, of which $59 million comes from the sale of a stake in IT company Accelya. In addition, it is expanding its global footprint by adding new facilities and service facilities to airports and catering divisions.

About Emirates

The Emirates story started in 1985 when we launched operations with just two aircraft. Today, we fly the world’s biggest fleets of Airbus A380s and Boeing 777s, offering our customers the comforts of the latest and most efficient wide-body aircraft in the skies. Emirates inspire travelers around the world with its growing network of worldwide destinations, industry leading inflight entertainment, regionally inspired cuisine and world-class service.

For more information about Emirates, bookings and terms or use, please visit our official website: www.emirates.com/cy

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