Emirate announces profits for the 32nd year running.
CEO of The Emirates Group, HH Sheikh Ahmed bin Saeed Al Maktoum announced that the airline has managed a 32nd successful year of profits, despite challenges. He added that airline is taking necessary measures to safeguard the business against the pandemic, aiming for business to resume as soon as circumstances allow.
The group posted a profit of AED1.7 billion for the financial year ended 31 March 2020, this is down 28% from the previous year. Revenue is down 5%, while cash balance is up 15% due to solid business performance and healthy demand for Emirates products and services, (until Feb this year) combined with the low cost of fuel.
HH Sheikh Ahmed bin Saeed Al Maktoum acknowledged the huge impact the pandemic has had, adding that protecting the workforce remains the number one priority as the airline takes ‘aggressive’ cost management measures. Emirates expects it will be 18 months before even a semblance of regular travel resumes.
The airline was on track to deliver business targets until COVID-19 curbed travel plans
“The Emirates Group has announced its 32nd consecutive year of profit, despite challenges. The Group is taking all necessary measures to safeguard its business against the impact of the COVID-19 pandemic, while planning for business resumption as soon as circumstances allow” – HH Ahmed bin Saeed
The Emirates Group has announced its 32nd consecutive year of profit, despite challenges. The Group is taking all necessary measures to safeguard its business against the impact of the COVID-19 pandemic, while planning for business resumption as soon as circumstances allow. pic.twitter.com/1oaUtZln77
— HH Sheikh Ahmed bin Saeed Al Maktoum (@HHAhmedBinSaeed) May 10, 2020
Protecting the workforce remains the number one priority
“In 2019-20, we were steadfast with our cost discipline while investing to expand our business and revenues opportunities. Through ongoing reviews of our work structures and the implementation of new technology systems, we’ve improved productivity and retarded manpower cost increases. As the pandemic hit, we’ve taken all possible measures to protect our skilled workforce, and ensure the health and safety of our people and our customers. This will remain our top priority as we navigate a gradual return to operations in the coming months.” – HH Ahmed bin Saeed
The pandemic will have a huge impact and Emirates is taking aggressive measures to safeguard business
“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. We continue to take aggressive cost management measures, and other necessary steps to safeguard our business, while planning for business resumption. We expect it will take 18 months at least, before travel demand returns to a semblance of normality. In the meantime, we are actively engaging with regulators and relevant stakeholders, as they work to define standards to ensure the health and safety of travellers and operators in a post-pandemic world. Emirates and dnata stand to reactivate our operations to serve our customers, as soon as circumstances allow.” – HH Ahmed bin Saeed